Bank accounts of BAB's Nazrul Islam Majumdar, Chowdhury Nafeez Sarafat frozen

The Bangladesh Financial Intelligence Unit, or BFIU, has frozen the bank accounts of bank owners' group BAB chairman Nazrul Islam Majumdar and Chowdhury Nafeez Sarafat, former chairman of Padma Bank.

This directive was given to commercial banks on Thursday, reports bdnews24.com.

The bank accounts of their spouses, Nasrin Islam and Anjuman Ara Shahid, respectively, have also been blocked.

The BFIU has mandated that transactions from accounts held by these individuals and their associated businesses be suspended for 30 days under Money Laundering Prevention Act, 2012.

In addition, any lockers in their names are to be closed for the same period.

The Bangladesh Association of Banks chief Majumder, who chairs both NASA Group and Exim Bank, has been linked with former prime minister Sheikh Hasina through business dealings.

He has been at the helm of BAB since 2009 and faced allegations of soliciting donations from banks and influencing changes in banking regulations.

BAB hosted the 'Sheikh Hasina Inter-Bank Football Tournament.'

Nafeez is connected to various businesses, including Race, a mutual fund asset management company, mobile tower companies, power companies, star hotels, private universities, and media.

He has faced allegations of taking over Padma Bank in 2019, which was rebranded from Farmers Bank with the intent of improvement but reportedly did not show significant progress.

Padma Bank recently signed a Memorandum of Understading, or MoU, with Exim Bank.