Dhaka, May 17 — six manufacturers of export-focused garment factories requested an independent high-level inquiry on Saturday into what they claimed were significant financial discrepancies at Premier Bank PLC’s Narayanganj branch, including letter of credit fraud and the establishment of fake loans.
At a press conference held at the Economic Reporters’ Forum (ERF) headquarters in the capital, business owners alleged that bank officials were diverting funds, engaging in unlawful foreign exchange activities, and collaborating between the branch and central office.
In a written address, Arifur Rahman, the managing director of Doyes Land Apparels Ltd, stated that money was diverted under his company’s name without his awareness. “Bank representatives, in coordination with the head office and the previous chairman, committed these irregularities without our approval,” he accused.
The companies stated that the discrepancies go back to 2017, including fake sales agreements and consecutive letters of credit (LCs) issued without real importation of raw materials. They also claimed they were compelled to buy US dollars at prices Tk 12-15 higher than the prevailing market rate, leading to significant financial obligations.
Garment owners voiced their dissatisfaction with the Bangladesh Bank, mentioning that they had sent 22 letters requesting assistance but found no solution. “The Bangladesh Bank carries out annual inspections. So why were these problems not detected?” asked Dil Mohammad Imran, the managing director of Knit Reflex Ltd.
The press conference took a serious and somber tone as the owners connected the “financial and emotional strain” from the bank to the deaths of two managing directors. They stated that Md Hasibuddin Mia from Total Fashion passed away in December 2024 after being forced to sign papers, while the MD of West Apparel died from a heart attack in September 2025 following “unfounded accusations” submitted to the Anti-Corruption Commission.
The impacted business owners cautioned that the halt in banking activities for 23 firms now endangers the income of almost 25,000 employees.
The group called for an impartial inquiry involving the Ministry of Finance and Bangladesh Bank, along with a comprehensive audit conducted by a credible company. They mentioned that a formal request was sent to the governor of the Bangladesh Bank on April 6, asking for urgent action to safeguard their businesses and preserve export revenues.
