The Central Depository Bangladesh Limited (CDBL) has suspended debit transactions in two BO accounts of former NRBC Bank Executive Committee Chairman Mohammad Adnan Imam, preventing him from selling or transferring shares of Genex Infosys held in those accounts.

The action was taken following an investigation report and recommendation from the Bangladesh Financial Intelligence Unit (BFIU), based on directives from the Bangladesh Securities and Exchange Commission (BSEC).

The BFIU requested the BSEC on July 21 to take measures to restrict the sale and transfer of Genex Infosys shares controlled by Adnan Imam. Subsequently, on August 4, the BSEC instructed CDBL to take the necessary action.

According to BSEC sources, Adnan holds Genex Infosys shares in two active linked BO accounts maintained with DSFM Securities and City Brokerage. Debit transactions in both accounts have been suspended. He also has BO accounts with Prime Bank Securities and LankaBangla Securities. Of his four BO accounts, three are active while one has already been closed.

BSEC Executive Director Abul Kalam said action was taken in accordance with the law after reviewing the BFIU’s investigation findings and recommendations. The restriction covers the sale and transfer of Genex Infosys shares from Adnan Imam’s BO accounts.

The BFIU investigation report reportedly identified 16 houses and flats in the United Kingdom in Adnan Imam’s name. The report alleged that the properties may have been acquired with funds siphoned out of Bangladesh.

The report also raised questions about the use of loans obtained by Genex Infosys from United Commercial Bank (UCB). According to the BFIU, the company received Tk 315.20 crore in funded and non-funded credit facilities from UCB.

The report alleged that part of the loan proceeds was transferred to accounts of related individuals and entities instead of being used for business purposes. Some funds were also allegedly used to adjust previous loans and make down payments for rescheduling, raising concerns that actual defaulted loans may have been concealed.

The findings emerged from a review of Genex Infosys’ loan and foreign trade activities between 2021 and 2024, according to the BFIU report. It also said a significant portion of the company’s outstanding loans had become overdue and classified as bad loans.

Adnan Imam’s comments on the allegations could not be immediately obtained.