Bangladesh Financial Intelligence Unit (BFIU) has revealed that Ryan Kabir, son of former Southeast Bank chairman Alamgir Kabir, allegedly set up a company in Singapore to facilitate the illegal transfer of funds amounting to BDT 1.94 billion.
The money was moved abroad under the pretext of imports through letters of credit (LCs) in the names of Deshbandhu Group and Zara Zaman Technology, Samakal reports.
Investigations indicate that in 2012, Ryan Kabir and his wife Nusrat Nahar registered R&N Holdings Pte. Ltd. in Singapore with a paid-up capital of USD 1.4 million.
According to BFIU, the funds transferred were not legally sourced from Bangladesh. Seventeen LCs were identified as channels for illicit transfers totaling USD 1,591,584 (approximately BDT 194 crore at the current exchange rate).
Among these, 14 LCs between 2014 and 2018, issued under the names of two Deshbandhu Group companies for cement clinker and machinery, reportedly did not correspond to any imported goods.
The remaining USD 1,058,199 was allegedly routed through Zara Zaman Technology in Singapore. During Alamgir Kabir’s tenure as chairman, the companies received preferential treatment from Southeast Bank, including ATM procurement handled through Zara Zaman.
Deshbandhu Group currently owes the bank BDT 1,162 crore, which had been classified as non-performing loans (NPLs) only after Alamgir Kabir stepped down from the chairman post in September 2024, following the fall of the Awami League government. The group had previously obtained court orders to delay declaring the loans as NPLs.
BFIU’s report also highlights irregularities involving pre-IPO share purchases. Kabir’s in-laws’ company, Lub Ref Bangladesh, was allowed to buy pre-IPO shares at inflated prices, while the bank forgave interest in excess of actual loans, contrary to banking regulations. For example, USD 61.2 lakh in interest on pre-IPO share placements was improperly waived.
The report further alleges that the bank’s top officials, including Alamgir Kabir, Ryan Kabir, and Nusrat Nahar, colluded with members of the credit committee, investment banking division, treasury, and branch officials to misappropriate funds, favor related parties, and facilitate the laundering of money under the guise of foreign trade and investment.
Additionally, Southeast Bank reportedly spent over BDT 200 crore on software procurement for web applications, firewalls, local traffic management, and DNS guard under non-transparent procedures, with suspected overpricing and collusion among officials.
In a separate irregularity, BE Leasing & Investment received BDT 146.5 crore in term deposits from Southeast Bank in 2021, yet the funds could not be recovered. Further loans of BDT 54 crore were extended in February 2021 under dubious circumstances, benefiting the company chaired by Alamgir Kabir’s wife, Suraiya Begum.
When contacted, Alamgir Kabir denied any wrongdoing, calling the allegations an attempt to tarnish his reputation. Ryan Kabir did not respond to calls or messages seeking comment.
Following complaints to the Anti-Corruption Commission, the court has recently imposed a travel ban on Alamgir Kabir and Ryan Kabir. Separately, the chairman of Deshbandhu Group, Golam Mostafa, has been absconding since August 5 last year.
BFIU has already submitted a letter to the current bank management, urging administrative action against all individuals implicated in the irregularities.
