Complaints submitted to Bangladesh Bank Governor, Anti-Corruption Commission, and Chief Advisor
NN Report:
Alamgir Kabir, the former Chairman of Southeast Bank Ltd, is facing serious allegations including sexual misconduct, loan irregularities, embezzlement, and share market manipulation, according to a formal complaint submitted to the Chief Advisor to the government, the Governor of Bangladesh Bank, and the Chairman of the Anti-Corruption Commission (ACC).
The complaint, submitted on Wednesday, accuses Kabir of using his powerful position for two decades to establish a reign of corruption and exploitation, leaving one of Bangladesh’s top-ranked private banks on the brink of collapse.
Accusations of Sexual Misconduct and Exploitation
One of the most disturbing aspects of the complaint includes accusations of serial sexual misconduct. Kabir allegedly abused his authority by harassing and exploiting multiple female employees, engaging in inappropriate behavior, and coercing several into sexual relationships in exchange for promotions and financial benefits.
It is claimed that Kabir would summon junior female staff to his office and arrange private meetings both locally and abroad. He also reportedly appointed attractive women as his assistants and placed others in key positions. A broker network allegedly supplied women to him, in exchange for securing massive loans.
Several of the women are said to be preparing legal action against Kabir, and complaints have reportedly been sent to relevant authorities requesting the removal of Kabir from the bank’s board of directors.
Two Decades of Financial Irregularities
Kabir served as Southeast Bank’s chairman from 2004 to September 2024, in violation of standard governance norms. During this time, he is alleged to have approved large loans to companies owned by himself, family members, or close associates — often under fictitious names or with little to no collateral.
According to internal sources, he routinely bypassed the bank’s credit policies, waived interest on select loans, and ignored objections from other board members. The complaint suggests that he directed bank funds toward personal investments and used his influence to benefit companies like Bay Leasing and National Life Insurance — many of which are either directly or indirectly controlled by him or his family members.
It is also alleged that Kabir used Southeast Bank resources to fund his takeover of multiple financial institutions. His son, Raihan Kabir, also sat on the bank’s board, helping him maintain control.
Share Manipulation and Offshore Properties
Kabir is further accused of leading a stock manipulation syndicate involving directors of the Dhaka Stock Exchange (DSE), which allegedly defrauded thousands of small investors. The Bangladesh Securities and Exchange Commission (BSEC) fined Kabir BDT 120 million last November over irregularities involving Bay Leasing & Investment Ltd.
The complaint states that Kabir funneled money through these institutions to acquire luxury properties abroad — including in Canada, Australia, Dubai, Singapore, and Malaysia — and amassed assets in Gulshan, Bashundhara, and Banglamotor in Dhaka, as well as vast landholdings in Gazipur, Bhawal, and Kanchpur.
Ongoing Debt Crisis and Regulatory Violations
Southeast Bank is now struggling to recover BDT 232 crore lent to Bay Leasing — an institution chaired by Kabir’s wife, Suraiya Begum. According to Bangladesh Bank’s Department of Banking Inspection-4, Bay Leasing currently lacks the financial capacity to repay its debts. As of December 31, 2023, it had accumulated BDT 172 crore in losses.
The audit also notes that the loan arrangement between Southeast Bank and Bay Leasing violates Section 27(1-Kha) of the Bank Companies Act, as it constitutes a conflict of interest with related parties.
Political Ties and Alleged Misuse of Funds
The complaint also alleges that Kabir made substantial financial donations from the bank to support the treasury of former Prime Minister Sheikh Hasina during her rule, further politicizing his role in the bank.
Despite being forced to step down as Chairman following public protests in 2024, Kabir remains a director on Southeast Bank’s board — a point of concern for regulators and stakeholders alike.
A Bank in Crisis
Internal sources at Southeast Bank admit that under Kabir’s influence, the bank operated like a “personal empire,” with loans disbursed without scrutiny, procurement decisions controlled by his clique, and senior appointments shaped by loyalty over merit.
The present board is reportedly working to stabilize the institution and recover from years of systemic mismanagement. However, observers warn that unless legal action is taken and governance reforms are enforced, Southeast Bank’s long-term survival could remain in jeopardy.
