Questions Surround Ex-Deputy Governor’s Bank Accounts

Fresh questions over financial transparency and regulatory accountability have emerged in Bangladesh’s banking sector following revelations about an unusually large number of bank accounts and transactions linked to former central bank deputy governor SM Moniruzzaman. An inspection by the Bangladesh Financial Intelligence Unit (BFIU) found that he held as many as 159 bank accounts across 11 commercial banks, with cumulative transactions amounting to approximately Tk391 million. The most recent combined balance stood at around Tk18 million.

According to the BFIU report, the scale and frequency of savings and fixed deposit receipt (FDR) accounts in the name of a former senior regulator, together with sizeable deposits and withdrawals within short periods, do not align with what would normally be considered standard personal banking behaviour. On that basis, the transactions were flagged as “suspicious” and referred to the Anti-Corruption Commission for further investigation. While the BFIU itself does not initiate legal proceedings, it is mandated to forward findings to relevant authorities when potential irregularities are identified.

The report highlights a specific transaction trail beginning in August 2021, when a savings account was opened in Mr Moniruzzaman’s name at an Islami Bank Bangladesh branch in Gulshan. Within two days, a pay order worth Tk20 million was deposited from an account belonging to S Alam Vegetable Oil. The following day, three FDRs were opened at the same branch—two valued at Tk7 million each and another at Tk6 million. Investigators noted that banking records did not provide sufficient explanation regarding the origin and purpose of the funds.

Subsequently, the same account reportedly received regular deposits from SS Power, another concern associated with the S Alam Group. Over a period of roughly 27 months, deposits totalling Tk16.3 million were credited, largely described as salary payments and vehicle maintenance allowances. The report indicates that after his retirement Mr Moniruzzaman served as a commercial adviser to SS Power.

A similar pattern was observed in March 2023, when a savings account opened in his name at Prime Bank’s Gulshan branch was used to place FDRs on the very same day—another practice investigators considered atypical.

Mr Moniruzzaman was first appointed deputy governor of the central bank in November 2016 for a three-year term, later extended until he reached the age limit, with his tenure ending on 31 December 2020. During his time in office, he was associated with inspection-related departments, a period that also coincided with controversy surrounding changes in control and supervisory actions at Islami Bank.

No formal comment has been issued by Bangladesh Bank, although officials have reiterated the importance of strengthening cashless transactions and enhanced monitoring mechanisms.

Responding to the allegations, Mr Moniruzzaman stated that the Tk20 million deposit originated from the sale of a residential property and that all accounts were duly declared in his tax filings. He denied receiving any improper benefits during his association with the S Alam Group and argued that the number of accounts had been overstated.

Snapshot of Flagged Transactions

Overall, the case has reignited debate over post-regulatory employment, the scrutiny of large personal transactions, and the robustness of financial oversight mechanisms within Bangladesh’s banking system.