Showkat Ali Chowdhury, a prominent businessman from Chittagong and the current Chairman of Eastern Bank Ltd. (EBL), is under investigation by the Bangladesh Financial Intelligence Unit (BFIU) for alleged suspicious financial activities involving over Tk 8,000 crore in multiple bank accounts linked to him and his family. Chowdhury is primarily known for his business in the shipping and shipbreaking sectors.
Suspicious Transactions Identified
In August, the BFIU completed an investigative report uncovering significant bank transactions involving Showkat, his wife Tasmia Ambareen, daughter Zara Namreen, son Zaran Ali Chowdhury, and various related entities. The report flagged suspicious activities and suggested that the family may have acquired wealth abroad through money laundering.
The findings have been forwarded to the Anti-Corruption Commission (ACC), which has handed the case over to its Scrutiny Committee for further preliminary investigation.
Overview of Accounts and Transactions
According to the BFIU’s draft report:
Total accounts identified: 187 across 28 banks
Showkat Ali Chowdhury: 14 accounts
Tasmia Ambareen: 15 accounts
Zara Namreen: 9 accounts
Zaran Ali Chowdhury: 3 accounts
Related entities: 146 accounts
As of June 15, 2025, these accounts had a cumulative deposit of Tk 8,407.91 crore, with Tk 8,247.56 crore withdrawn, leaving a balance of Tk 1,073.53 crore. All Know Your Customer (KYC) documents, account statements, and related papers were reviewed.
Shipbreaking Business Under the Lens
The BFIU’s initial findings focused on 141 Letters of Credit (LCs) related to the import of scrap vessels through SN Corporation, a company owned by Chowdhury. Of these, 11 LCs lacked clear documentation confirming Chittagong Port as the final destination. Inconsistencies in vessel information were also found in Lloyd’s List Intelligence records.
Notably, scrap ships were purchased from three companies registered at the same address in the British Virgin Islands, raising further suspicion.
Irregularities in Specific Accounts
Dhaka Bank Account:
Chowdhury held a Platinum account with Dhaka Bank (Jubilee Road branch) from 2004 to 2017.
Total deposits: Tk 3,987.96 crore
Withdrawals: Tk 3,986.23 crore
Closing balance: Tk 17.30 lakh
This account was used for transactions involving SN Corporation, and the BFIU suspects possible tax evasion.
Unusual Withdrawals by EBL Official:
Eastern Bank’s Company Secretary, Md. Abdullah Al Mamun, allegedly made 125 cash withdrawals from Chowdhury’s personal EBL Premium Savings account, raising questions of potential abuse of authority.Mamun denied involvement, stating: “I don’t know anything about this. I just saw in the news that one of his accounts was frozen.”
Suspicious Transactions by Family Members
Zara Namreen (Daughter):
In April 2015, Tk 31 crore was deposited into her personal account at EBL’s Agrabad branch. Tk 30 crore was transferred out via clearing cheque within the same month. Some transactions referenced share trading and SN Corporation, despite no documented affiliation with the company. The BFIU suspects attempts to evade taxes.
Zaran Ali Chowdhury (Son):
His savings account at Midland Bank showed substantial business-related activity, including deposits from SN Corporation and investments in the stock market via Royal Capital. Despite being listed as “unemployed” on the account form, he handled large funds supposedly sourced from his mother’s business, which the BFIU deemed highly suspicious.
Transactions Between Related Entities
Money from SN Corporation was found to be transferred to Namreen Enterprise, owned by Chowdhury and his wife, and to other shipbreaking businesses. Additionally, Tk 50.4 crore was deposited into Need Dresses Pvt. Ltd, a garment company.
On July 25, 2010, Tk 3 crore from SN Corporation was deposited into Chowdhury’s personal City Bank account and immediately invested in Midway Securities. On June 29, 2013, Tk 106 crore was deposited in the same account and later transferred back to SN Corporation. These transactions point to the use of personal accounts for business purposes—again suggesting possible tax evasion.
Violation of Banking Norms
The BFIU report highlights a breach in banking protocol by Premier Bank’s Agrabad branch. On October 5, 2015, the bank granted a Tk 269.46 crore Loan Against Trust Receipt (LTR) to SN Corporation without prior head office approval, violating lending policies. Approval was received only after the disbursement.
Similarly, Standard Chartered Bank’s Chittagong branch issued three LCs on behalf of SN Corporation to beneficiaries registered in the British Virgin Islands—companies flagged for enhanced due diligence. The BFIU found that the bank failed to conduct proper checks and did not verify the financial backgrounds of these suppliers.
Overseas Assets
BFIU sources report that Showkat Ali Chowdhury and his family hold assets in Singapore, Dubai, and the UK, including two houses in Singapore. Investigations into properties in the other two countries are ongoing.
Bank Accounts Frozen
On July 1, 2025, the BFIU froze all bank accounts belonging to Showkat Ali Chowdhury and his family. The freeze was extended on July 30, with the order signed by Assistant Director Md. Tanvir Hasan. The action was taken under Section 23(1)(c) of the Prevention of Money Laundering Act, 2012, and Rule 26(2) of the 2019 Rules.
Ongoing Investigation
When contacted for an update, BFIU Deputy Chief Amir Uddin stated that the investigation is still underway and that it will take more time before a full report is available.
