Ex-UCB director, wife tied to money laundering via LoC
Staff Reporter :
A complaint has been filed with the Anti-Corruption Commission (ACC) against former United Commercial Bank Ltd (UCB) director Bashir Ahmed and his wife Tarana Ahmed, alleging financial misconduct, including money laundering, concealment of foreign citizenship, and abuse of power.
The complaint has called for a thorough investigation into their activities ahead of Bashir Ahmed’s legal challenge against Bangladesh Bank’s dissolution of UCB Bank’s board.
The New Nation has obtained sufficient documents confirming that Bashir Ahmed and Tarana Ahmed acquired citizenship of Antigua and Barbuda. This acquisition constitutes a breach of national regulations regarding dual citizenship and financial transparency.
Additionally, when incorporating PanmarkImpex Mega Trading LTD (UK), the accused
allegedly falsely declared themselves as Antiguan citizens, raising concerns about their intentions and the legitimacy of their financial activities.
The process of acquiring Antiguan citizenship requires significant financial investment, prompting questions about the source of the funds used and potential links to money laundering.
Prior to the reconstitution of UCB’s board by Bangladesh Bank on 27 August 2024, Ahmed allegedly exploited his directorial position to facilitate financial transactions that served his personal interests.
Evidence indicates that 51 Letters of Credit (LCs), totalling USD 2,464,294.81, were issued by UCB in favour of PanmarkImpex Mega Trading LLC (Dubai), a company solely owned by Ahmed. These LCs were facilitated primarily through four businesses closely associated with him: Salextra Ltd., Naz International, G.H.M. Traders, and Aalok Traders.
Investigations suggest these transactions were deliberately over-invoiced to siphon funds abroad, in violation of the Money Laundering Prevention Act, 2012.
Ahmed is also accused of establishing offshore companies, including PanmarkImpex Mega Trading LLC (Dubai) and PanmarkImpex Mega Trading LTD (UK), allegedly to launder illicit funds and obscure financial trails.
Official records show that the UK-based company was incorporated on 14 December 2020, with Ahmed and his family members initially listed as directors before resigning in 2021 and 2024.
In addition, the accused reportedly own valuable overseas properties, including Apartment 2803, Westmark Tower, 1 Newcastle Place, London, W2 1BW. Financial records indicate the property is encumbered with fixed and floating charges, raising concerns about potential financial concealment tactics.
Given the gravity of these allegations, concerned citizens have urged the Anti-Corruption Commission to take the following measures — Source of Funds Investigation: Examine the financial trail linked to Mr Ahmed’s acquisition of Antiguan citizenship and overseas properties. Forensic Audit: Conduct a comprehensive review of the 51 LCs to detect over-invoicing and establish connections to money laundering. International Cooperation: Collaborate with financial intelligence agencies in Antigua, the UAE, and the UK to trace assets and recover misappropriated funds and Prosecution: Initiate legal proceedings under the Money Laundering Prevention Act, 2012, to hold the accused accountable.