A major financial scam involving Tk 25 crore (250 million) has been uncovered at Southeast Bank Limited, allegedly orchestrated by former Senior Executive Vice President (SEVP) Wares-ul-Matin and several others.
Samakal reports that the embezzlement took place through fake bills and vouchers for non-existent television advertisements and purchases of Nakshi Kanthas—traditional embroidered quilts—purportedly meant as gifts for the bank’s valued clients.
Fake ad campaign worth Tk 21.9 crore
According to the bank’s internal audit, Tk 21.91 crore was withdrawn under the pretense of running television advertisements to mark occasions such as Bangabandhu Sheikh Mujibur Rahman’s March 7 speech anniversary, his homecoming day, birthday celebrations, as well as Metro Rail and Expressway inaugurations and other branding purposes.
Invoices showed that the ads were broadcast on private channels such as Banglavision, My TV, NTV, Maasranga, ATN Bangla, Channel i, and Ekushey TV. However, the bank’s investigation later confirmed that at least four of those TV stations never aired any such advertisements, nor did they receive any payment.
The audit report revealed that the payments—handled primarily through the Corporate Affairs and CSR divisions—were made to a firm named Inbox Communications, owned by Omar Sharif Bhuiyan, which is not listed as an official advertising agency of the bank.
A total of Tk 18.34 crore was paid through 107 pay orders to Inbox Communications. The funds were deposited by a bank messenger named Delwar Hossain and later withdrawn in cash, reportedly handed over to officials from the CSR and Corporate Affairs departments.
Delwar admitted to investigators that he handed the withdrawn cash to people inside the office of the then SVP Mohammad Tanvir Rahman. Other employees confirmed that the supposed vendor, Omar Sharif Bhuiyan, was never seen at the bank. Multiple officials also pointed to Wares-ul-Matin as the key coordinator behind the transactions.
A Bangladesh Bank “Quick Summary” report in January also flagged the anomaly, noting that the bank’s advertising expenses in 2023 had increased by nearly 49% from the previous year, with the bulk of the spending going to Inbox Communications.
Wares-ul-Matin denied all allegations, saying “These accusations were made after I left the job. The advertisements did air on TV, and CDs were submitted as proof. I was not a policymaker—decisions were signed off by the managing director. If I were guilty, I wouldn’t have sought a proper investigation through a High Court petition.”
Tk 1.36 crore embezzled through fake Nakshi Kantha procurement
Separate complaints filed with the Anti-Corruption Commission (ACC) allege that between April and October 2023, the accused showed fictitious purchases of 6,350 Nakshi Kanthas, supposedly as gifts for premium clients. The scam involved nine non-existent suppliers, through whom Tk 1.36 crore was withdrawn.
Investigations found that eight of the nine suppliers did not exist at their listed addresses. The only verified business, “Nabojagoroni” in Chapainawabganj, confirmed that they had never supplied any Nakshi Kanthas to Southeast Bank.
Tk 3.64 crore looted under fake logistics and renovation bills
Another Tk 3.64 crore was misappropriated under the guise of branch renovations, signboard replacements, electrical repairs, and branding work across 118 branches and sub-branches.
Internal auditors found that, except for one branch in Chattogram’s Khatunganj, no such work had actually taken place. Furthermore, five out of six officials’ signatures on approval documents were forged, and the three contractor firms involved—Next Communications, Rani Enterprise, and Fames Enterprise—were not registered vendors.
The accused in this case include Wares-ul-Matin, former VP Moshiur Rahman, former AVP Engineer Zahid-bin-Reza, and three contractors. The bank has filed a Tk 3.63 crore lawsuit against them with a Dhaka court, alongside separate corruption complaints with the ACC.
Internal politics and oversight failure
Wares-ul-Matin, a former Navy officer who joined Southeast Bank in 2012, rose rapidly in influence under the protection of long-time chairman Alamgir Kabir, who held the position for over 20 years.
When asked, Alamgir Kabir said he was initially unaware of the embezzlement but declined to comment on why he took no action after learning of it.
The audit also revealed that CCTV cameras had been installed inside the offices of the chairman and managing director, reportedly with Matin’s supervision. Kabir claimed this was done with his permission for monitoring purposes, while Matin said it was installed per a Bangladesh Bank directive and denied using it to spy on superiors.
Southeast Bank’s internal audit concluded that the scams were carried out through “systematic collusion, forged approvals, and fake vendors,” resulting in one of the largest internal frauds in the bank’s history.
