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Kushtia, June 19, 2025 – S M Kamruzzaman Nasir, the owner of KNB Agro Feed Limited, along with three officials of Agrani Bank’s Barabazar branch, have been accused of orchestrating a Tk 13 crore Letter of Credit (LC) fraud and smuggling foreign currency. The implicated officials are Sabina Sultana, Deputy General Manager (DGM) of the Kushtia region, Enamul Haque, Assistant General Manager (AGM) and branch manager, and Tanvir, an officer in the foreign trade department.
Following the exposure of the fraud, Agrani Bank’s higher authorities initiated an investigation and formed a departmental inquiry committee. The bank’s head office issued a letter to the Barabazar branch, directing them to recover $971,370.58 (equivalent to Bangladeshi currency) within three days, as confirmed by branch officials.
According to banking regulations, obtaining an LC requires customers to deposit a 100% margin and submit a Credit Information Bureau (CIB) report. However, in this case, these rules were allegedly bypassed. Despite Kamruzzaman Nasir being a loan defaulter, this information was concealed, and he was granted unauthorized LC facilities. The three bank officials are accused of collectively violating regulations to approve LCs worth approximately Tk 12.59 crore.
Sources reveal that between January 9 and April 24, 2024, 19 LCs were opened, through which $1,243,457 (approximately Tk 12.59 crore) was sent abroad without any collateral. The funds have not been repaid to the bank. Additionally, payments were made via SWIFT messages without approval from the head office, a clear violation of protocol, allegedly involving DGM Sabina Sultana and AGM Enamul Haque.
AGM Enamul Haque claimed the LCs were issued in compliance with regulations and that Kamruzzaman was not a defaulter at the time. However, investigations revealed that KNB Agro Feed Limited is a defaulter with City Bank’s Kushtia branch and Al-Arafah Islami Bank’s Dilkusha branch. Al-Arafah Bank sources confirmed that in December 2018, KNB Agro Feed took a loan of Tk 230 crore, with the total outstanding amount, including interest, exceeding Tk 235 crore. Multiple cases related to this loan are pending in the Money Loan Court. City Bank sources also confirmed that both KNB Agro Feed and KNB Flour Mills, owned by Kamruzzaman, are defaulters.
Previously, Sabina Sultana, during her tenure at the Islamic University branch, allegedly attempted to open an account and provide irregular loans to the same individual. When contacted, she stated she would not comment without approval from higher authorities. Officer Tanvir, who was transferred to the Kushtia Pourabazar branch on May 15, 2025, had previously been accused of loan fraud at two other branches, with unresolved audit objections against him. Despite being a cash officer, he was assigned to the critical foreign trade department.
The new officer at the Barabazar branch discovered the irregular LCs and informed the AGM and DGM, who allegedly attempted to suppress the issue by contacting KNB Agro Feed. When no resolution was reached, the matter was escalated to the Khulna Divisional General Manager, leading to the formation of the inquiry committee.
Samsul Alam, General Manager of Agrani Bank’s Khulna Division, confirmed that the issue is under investigation, and a report is being prepared. Actions will be taken once the report is submitted. KNB Agro Feed’s General Manager, Zahidul Islam, claimed ignorance of the LC or loan matters, stating they are handled by the owner, Kamruzzaman Nasir, who was unresponsive to calls.
The incident has raised concerns about governance and compliance in state-owned banks, with calls for stricter oversight to prevent such fraudulent activities.
AI/MR
