Nazrul Islam Mazumder, the former chairman of EXIM Bank and head of the prominent Nassa Group, stands accused of orchestrating one of the most sophisticated financial frauds in Bangladesh’s history. Exploiting deep political ties with the deposed Awami League administration and former Prime Minister Sheikh Hasina, Mazumder allegedly siphoned off roughly 35,000 crore taka (approximately £2.2 billion) across 26 domestic banking institutions. Rather than reinvesting these funds locally, investigators reveal that vast sums were systematically laundered overseas to build a lucrative international business empire.
For years, Mazumder maintained an iron grip on the Bangladesh Association of Banks (BAB), serving as its chairman and converting the influential trade body into a personal shield. Industry insiders privately described him as a formidable extortionist within the sector. Utilizing high-level state contacts, he routinely pressured peer banks into contributing heavily to government-backed funds and special initiatives, effectively creating a climate of compliance that muted institutional oversight.
The Anti-Corruption Commission (ACC) has uncovered a complex web of offshore entities, trade manipulation schemes, and foreign bank accounts spread across the United Kingdom, the Isle of Man, Jersey, and Hong Kong. Investigators noted that Mazumder employed varied tactics to transfer capital, including trade mis-invoicing—over-invoicing imports, under-invoicing exports, and retaining foreign earnings abroad.
Following an urgent application by the ACC, the Dhaka Metropolitan Senior Special Judge’s Court ordered the freezing of 5.3 million pounds held in a Jersey-based UBS Bank account linked to One Investments Limited. Registered in the Isle of Man in May 2019, the firm was exposed as a beneficial front for Mazumder and his wife, Nasrin Islam.
Financial audits demonstrate that Mazumder secured massive loan portfolios under numerous Nassa Group subsidiaries, often using capital from one institution to service overdue debts at another. In a single instance, over 2,100 crore taka was channelled to his apparel and textile entities, with nearly half granted under questionable “special considerations.” Legal authorities continue to coordinate with international regulatory bodies to freeze further offshore assets and recover the stolen capital.
