Controversial Iqbal controls NRB Bank!

Iqbal Ahmed OBE faces serious allegations of laundering money through exports and using the illicit funds to amass substantial assets in the United Kingdom.

During the tenure of the fascist Awami League government, he was known as a close associate of Sheikh Hasina and Sheikh Rehana.

Under Sheikh Hasina’s political patronage, he established NRB Bank, despite being expelled for life from the British Bangladesh Chamber of Commerce and Industry (BBCCI) in 2015 due to corruption charges.

Despite his controversial past, Bangladesh Bank has now restructured NRB Bank’s Board of Directors, retaining Iqbal Ahmed as a member. This decision has led to a crisis of trust among bank customers, who are concerned about the institution's future.

To restore good governance and remove the influence of fugitive Awami League leaders, Bangladesh Bank dissolved NRB Bank’s previous board and appointed Iqbal Ahmed as a director.

Other independent directors include: Ferdous Ara Begum (Former Board Member, Grameen Bank), Sheikh Md. Selim (Former Executive Director, Bangladesh Bank), Kamrul Islam Chowdhury (Former MD, Mercantile Bank), Sheikh Matiur Rahman (Former DMD, Prime Bank), Sharif Nurul Ahkam (Professor, North South University), and Mizanur Rahman (Chartered Accountant).

Stakeholders in the banking sector fear that a return of figures like Iqbal Ahmed could lead to renewed financial plundering, similar to what occurred under the previous Awami League government. Many questions why an individual with a history of laundering billions through frozen seafood exports has been reinstated in a key banking position.

They demand an immediate investigation into the wealth sources of Iqbal Ahmed and his brothers Kamal Ahmed and Bilal Ahmed, with legal action taken against them.

Investigations reveal that Iqbal, Kamal, and Bilal Ahmed are key shareholders of NRB Bank, holding 3.80%, 1.51%, and 2.13% shares, respectively, as of 17 March 2025. Their business interests extend to Simark (BD) Ltd., IBCO Ltd., IBCO Enterprise, IBCO Food Industries Ltd., Manor International, and Manor Shopping City.

Iqbal and his brothers also own multiple UK-based companies, including: Simark PLC, IBCO Holdings, MAI Investment Holdings, Vermillion Group Ltd., Flying Unicorn, Opensh Holdings Ltd., UK Bangladesh Catalysts of Commerce and Industry (UKBCCI) and New East Manchester Ltd.

These entities primarily engage in real estate, investment, and financial transactions, with substantial investments from Sheikh Rehana and other members of the Sheikh family. Iqbal has built an extensive property portfolio in London, owning nearly two dozen luxury homes and commercial properties.

For over a decade, Iqbal actively participated in Awami League programmes, strengthening his political and social influence. His Facebook profile was filled with pictures alongside Sheikh Hasina, reinforcing his status as a trusted ally. However, following Hasina’s escape to India on 5 August, those images were swiftly deleted.

Iqbal Ahmed was among the top 20 financial contributors to Sheikh Hasina and Sheikh Rehana. Under the previous government, his company Simark Group was allegedly used as a front for laundering billions overseas. Furthermore, he played a key role as a financial carrier for top Awami League MPs and ministers.

While Simark Group is officially a seafood exporter, Iqbal allegedly used it as a cover for smuggling electronics and gold out of Bangladesh. Investigations reveal that NRB Bank issued a legal notice on 18 February to Iqbal and his brothers for receiving excessive rent payments. They were instructed to return Tk451 million or face criminal proceedings.

Barrister Helal Uddin, who issued the legal notice, confirmed that Iqbal and his brothers have not yet responded. This raises suspicions about their financial dealings and accountability.

Iqbal Ahmed’s misuse of power extends beyond Bangladesh. He was expelled from the British Bangladesh Chamber of Commerce after embezzling £200,000.

Following a lawsuit by chamber leaders, a UK court fined him £500,000 and permanently banned him from the organisation. He also faced controversy for demanding a refund of a £12,000 donation he had given to the UK Conservative Party, leading to criticism in British politics over misuse of party funds.

Iqbal’s money laundering activities have sparked international concern. The Financial Action Task Force (FATF) has recommended expedited legal action against him to remove Bangladesh from its grey list.

Dr Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB), stated that individuals facing serious financial misconduct allegations should not be reinstated as bank chairman. He emphasised that such decisions undermine Bangladesh Bank’s credibility and called for a thorough investigation into Iqbal’s financial activities.

While banking sector reforms are underway, experts warn that appointing a controversial figure like Iqbal will hinder progress. His reappointment has been widely criticised, raising doubts about whether meaningful reform is possible under such leadership.

Attempts to contact Iqbal Ahmed OBE for comments were unsuccessful. NRB Bank’s Secretary Rezaul Karim directed inquiries to the Public Relations Department, but its head Salahuddin Murad was also unavailable for comment.