NRBC director Mohammad Adnan Imam is equally criticized in money and stock market. He is one of the masterminds of bank robbery, loan default, commission trading, money laundering, stock market manipulation and many more. Adnan is the Chairman of the Executive Committee (EC) of NRB Commercial (NRBC) Bank, which is involved in various misdeeds with multiple accomplices. At the same time, he is the managing director of Genex Infosys Limited, a listed company in the capital market.
In addition, he is the director of US real estate company Gilbert Street Estates Limited. He is the successor of Sheikh Hasina government’s investment advisor and defaulter (currently detained) Salman F Rahman. Even if he exported with the loan facility of the bank, he did not bring back the export money to the country and did not repay the loan. Fraudster Adnan Imam used to launder money through about 15 companies he took over through the syndicate. At the same time Adnan is skilled in obtaining loans from various banks and taking commissions against the loans by being friendly with the chairmen of public and private banks. He is one of the people who have become owners of huge wealth under the patronage of Salman F Rahman in the stock market in the last few years under the auspices of the Awami government. Adnan Imam has a palace in Dubai, houses in London and Canada with the money of manipulation. After the fall of the government on August 5, he emptied the bank account before the bank account was blocked.
Did not bring export money to country: At least Tk 34.41 crore export income of six customers of Uttara branch of NRBC Bank did not come back to the country. Among them five companies have not made any kind of export against LC of Tk 90 crore. According to the bank’s internal audit report on August 19, 2021, the Uttara branch showed this amount as NRBC Bank Forced Loan during the last four years. Huge sums of money were converted into ordinary loans by concealing information and were repeatedly rescheduled. This information is known from the bank’s internal audit and case documents. Adnan Imam, chairman of the bank’s executive committee, is currently associated with one of the companies that withdrew the money without submitting the export documents despite the non-receipt of the export money. On July 11 last year, the Anti-Corruption Commission (ACC) filed a case against 11 officials of the bank in connection with the smuggling. It has been alleged that they fraudulently stole Tk 78.6 million from the bank. One of the six companies is Ixora Apparels.
Taking over company is an addiction: Sheikh Hasina used the influence of the government’s power to make Adnan Imam take over as an ‘addiction’. He took over an export-oriented sweater manufacturing company named Ixora Apparels Limited. Apart from this, he took over 15 garment exporting companies including Polygon Fashion, Relax Fashion, Inside Knit Composite, Safi Knit, Five F Apparels, Blessings Knitwear and Silver Apparels. Through these, there are allegations of illegal loan sanctioning of thousands of crores of taka, loan fraud and direct involvement in foreign currency laundering under its cover. According to the ACC investigation, Ixora Apparels sent 12 consignments of garments worth Tk 5.97 crore to the UK between 2018 and 2020. But exports did not bring income to the country. According to a document prepared by NRBC Bank’s credit risk management division on 26 December 2023, Ixora is currently the bank’s 19th largest borrower. Tk 5.97 crore has been smuggled using the name of Ixora Apparels sweater factory. Even after the export money is not received, the money is withdrawn from the bank without submitting the export document. It was later shown as a general loan but was not repaid.
According to the 2021 report of the Internal Control and Compliance Division (ICCD) of NRBC Bank, another company called Polygon Fashion Limited did not bring home export earnings of $833,928 or Tk 90 million.
NRBC Bank’s largest defaulter in 2023 is Polygon Fashion. The total outstanding debt of Polygon, which was taken over, stood at Tk 87.70 crore last November. A case has been filed by the bank to recover the money. According to the 2021 ICCD report, Blessing Knitwear Limited was the bank’s 20th largest borrower with a loan of Tk 115.4 million. The export earnings of the company worth $661,085 (Tk7.20 crore) have not been deposited in the bank. The company also failed to pay another $2.33 million (Tk 25 crore) to the bank due to not being able to issue invoices against several other LCs. On December 22, 2022, these loans were converted into general loans.
In 2021, another company called Vibranium bought 83 percent of the company’s shares. According to Vibranium’s registration documents, its chairman is Badrul Hasan Patwari. He is the secretary of a company called Genex Infosys. Adnan Imam is the chairman of Genex Infosys. Badrul Hasan Patwari was not made an accused in the ACC case. This is how clever Adnan Imam smuggled billions of taka abroad through dollars.
Extensive business in UK: He is the director of UK real estate company Gilbert Street Estates Limited outside the country. One of his five companies is jointly owned by Adnan’s wife. The value of this real estate company is more than $10.52 million or Tk 165 crore. He has taken loan facility of at least Tk 1,516 crore from UCB in six companies he owns or is directly associated with. The government has not taken any visible action even though it showed its power in the bank and set up syndicates to commit irregularities and looting. Living in luxury and doing business in London with money from smuggling.
Adnan Imam could not be contacted for the complaint. A text message was sent to him in this regard but he did not respond. A person who did not wish to be named said that he (Adnan Imam) escaped and is now staying in London.
