Genex Infosys owner Adnan Imam bagged Tk2,000cr loans from UCB violating rules, claims bank chair

Adnan Imam, the chairman of Genex Infosys Ltd, has secured loans totalling Tk2,000 crore from United Commercial Bank (UCB) by violating rules with help from people close to former land minister Saifuzzaman Chowdhury Javed, Sharif Zahir, the bank's current chairman, has alleged in a letter sent to the Anti-Corruption Commission (ACC).

The letter said Adnan used several of his entities such as "Genex Infosys, Genex Infrastructure, A&P Venture, AWR Developments, and AWR Real Estate" to secure the loans.

These loans, granted in violation of the bank's credit norms, were allegedly facilitated by Alamgir Kabir (Apu), "first cousin" of Saifuzzaman, claimed the letter sent to the ACC chairman on 20 November.

Alamgir was reportedly promoted rapidly to a senior position in the bank and assigned as the head of corporate banking to enable these approvals. 

In the letter, Zahir formally requested the ACC to investigate the irregularities committed by former board members, which reportedly caused significant financial losses to UCB.

"Serious irregularities and fraudulent activities have transpired within the Bank, during the tenure of the previous Board of Directors from the period between September 2018 to July 2024," Zahir said.

These fraudulent activities undermined the financial stability of the bank and were orchestrated for personal gain through irregular loan approvals and other means, he said in the letter.  

The governance challenges began in September 2018, read the letter, when Saifuzzaman compelled the resignation of the existing board members and replaced them with family members and associates.

Although Saifuzzaman had no legal authority to serve as a director or chairman of the UCB board, he reportedly acted as the "de facto" chairman, using his influence to control the bank's operations.

Zahir claimed that Saifuzzaman's wife Rukhmila Zaman was appointed as the board chairman and his brother Anisuzzaman Chowdhury as the executive committee chairman to facilitate these irregularities.

His letter detailed one significant incident involving the purchase of 60.54 lakh locked-in shares of borrower company Genex Infosys, which reportedly caused a potential loss of Tk78.25 crore to UCB.

The shares were purchased in late 2021 from Amer Rasul and Zahara Rasul, who bypassed management and submitted their proposals directly to the then board chairman. The former board reviewed and approved the proposals independently.

Adnan Imam is the chairman of Genex Infosys Ltd (GENEXIL) and the sellers Amer Rasul and Zahara Rasul are the brother-in-law and sister of Adnan Imam, respectively, according to the letter.

Citing bank officials involved in the execution of the share purchase, Zahir said "undue influence" was exerted by the bank's then executive committee chairman Anisuzzaman and Adnan to expedite the transaction.

Zahir alleged that the deal was designed for personal gain, pointing to possible illicit connections between the sellers and the former board members.

He urged the ACC to launch a thorough investigation into these irregularities and take legal action against all individuals involved, including former minister Saifuzzaman, the former board members, sellers Amer and Zahara Rasul, Adnan, and Alamgir. 

He also urged accountability to protect the interests of the bank's shareholders and depositors.

Sharif Zahir was elected as the new chairman of UCB on 29 August following several changes in the bank's Board of Directors.