Adnan Imam, chairman of publicly listed Genex Infosys, has been accused of illegally transferring around Tk 2,000 crore from United Commercial Bank (UCB). Current chairman Sharif Zahir has alleged that he transferred the money through illegal loans with the help of people close to former Land Minister Saifuzzaman Chowdhury Jabed.
In a letter sent to the ACC chairman on November 20, Sharif Zahir, the bank’s current chairman, made this allegation.
The letter states that Adnan Imam took the loan through several of his institutions, such as Genex Infosys, Genex Infrastructure, A&P Ventures, AWR Developments and AWR Real Estate.
The complaint states that Alamgir Kabir Apu, a close relative of former Land Minister Saifuzzaman Chowdhury, assisted in the approval and disbursement of the loan.
Sharif Zahir mentioned in the letter that Alamgir Kabir was quickly promoted to a higher position and was later appointed as the head of corporate banking.
He claimed that serious irregularities and fraudulent activities took place in the bank during the previous board of directors between September 2018 and July 2024, which led to the bank losing its financial stability.
Sharif Zahir also mentioned in the letter that Saifuzzaman Chowdhury forced the resignation of board members and installed his family members in the management of the bank.
He also alleged that Saifuzzaman’s wife established the chairmanship of the board and appointed his brother as the chairman of the executive committee.
At the end of 2021, UCB Genex suffered a loss of about Tk 78 crore by buying 60 lakh 54 thousand locked-in shares of Infosys. The sellers of these shares, Amer and Zahara Rasul, bypassed the management and submitted their proposal directly to the then board chairman. The then board independently reviewed and approved their proposal.
The letter states that Adnan Imam is the chairman of Genex Infosys Limited (Genexil) and the share sellers Amer Rasul and Zahara Rasul are Adnan Imam’s brother-in-law and sister, respectively.
The letter states that Adnan Imam is the chairman of Genex Infosys Limited (Genexil) and the share sellers Amer Rasul and Zahara Rasul are Adnan Imam’s brother-in-law and sister, respectively.
Zahir requested the ACC to initiate a proper investigation into these irregularities and take legal action against former minister Saifuzzaman, former board members, share sellers Amer and Zahara Rasul, Adnan and Alamgir, and all those involved.
It is worth noting that Sharif Zahir assumed duties at UCB as the new chairman on August 29.
