Former Awami League MP HBM Iqbal has allegedly acquired assets worth hundreds of crores both at home and abroad, with 18 commercial enterprises registered under his and his family’s names.
According to a confidential report by the Anti-Corruption Commission’s (ACC) intelligence unit, Iqbal amassed these assets through fraud and forgery, funnelling illicit wealth to countries including the United Kingdom and the United States.
Naturally, the public is left wondering—how did Iqbal accumulate such staggering riches?
Iqbal currently chairs Premier Group, a sprawling conglomerate with interests spanning banking, insurance, leasing, manufacturing, cement, petroleum and lubricants, training, distribution, tourism, aviation, healthcare, steel, supermarkets, HR services, hospitality, and more.
He is the founding figure behind the five-star Renaissance Dhaka Gulshan Hotel (under Marriott International), the Hilton Dhaka, Premier Bank Limited, People's Leasing and Financial Services Limited, and the country’s first private airline, Aero Bengal Airlines.
ACC's inquiry reveals that Iqbal misappropriated vast sums through fraudulent loans from Premier Bank’s Gulshan-1 branch.
In the name of himself, his late wife Mumtaz Begum, and son Moin Iqbal, he reportedly deposited fixed sums but withdrew profits far exceeding standard returns.
Leveraging his influence, he withdrew client deposits to finance the lavish construction of the Renaissance Hotel in Gulshan.
Bank officials were pressured to approve fictitious loans, through which Iqbal secured massive sums.
He then erected a 34-storey five-star Hilton hotel and resort in Gulshan-2—now the tallest hotel in the country.
In memory of his late wife, Iqbal established Royal University of Dhaka in Tejgaon, while Premier Bank’s headquarters was relocated to Iqbal Centre, a 23-storey tower he owns in Banani.
The building had only been approved for six floors by RAJUK.
Iqbal is also accused of extracting advance and excessive rent from Premier Bank by forcing it to lease office space in Iqbal Centre.
In one instance, Padma Cement’s owner—despite being a client of Premier Bank—received no support during the company’s downturn.
Following capital shortfalls, the factory was shut down and sold off at auction for Tk20 crore.
Iqbal allegedly used the bank’s funds to fraudulently purchase the factory, thus becoming its new owner.
The report further notes that Iqbal arbitrarily opened new branches of Premier Bank without necessity, appointing officials to senior positions in exchange for hefty sums.
He is also accused of inflating decoration expenses for these branches, and misappropriating crores in the process.
The bank’s condition is now reportedly precarious. Several fictitious loan schemes have come under scrutiny—none of which exist in reality.
According to the ACC’s findings, Iqbal’s first wife, Mumtaz Begum, passed away in 2022 at a hospital in Singapore.
She had held multiple top roles—vice chair of Premier Group, Hilton and Renaissance Hotels, and chair of the Board of Trustees at Royal University of Dhaka.
She was also managing director of Gulf Medical Centre and Bukhara Restaurant Ltd, director at Nowreen Electronics Ltd, Bengal Tiger Cement Industries, Air Concern International Ltd, and Chair of Beacon Travels International.
Following her death, Iqbal’s second wife and children have continued managing the family’s vast network of enterprises.
Speaking to the press, ACC Director General and spokesperson Md Akhter Hossain confirmed that a confidential probe into the Iqbal family’s assets has concluded.
A public inquiry is now underway, after which legal action will be taken as per the commission’s findings.