Staff Correspondent: A group of 26 export-oriented garment factory owners has sought a neutral investigation into alleged financial irregularities involving the Narayanganj branch of Premier Bank PLC, claiming that disputed liabilities and banking practices have put factory operations and thousands of jobs at risk.

The demand was raised at a press conference held on Saturday at the office of the Economic Reporters' Forum (ERF) in the capital, where the factory owners accused bank officials of irregularities involving back-to-back letters of credit (LCs), foreign exchange transactions and loan accounts.

Presenting a written statement, Arifur Rahman, managing director of Doyes Land Apparels Ltd, alleged that financial transactions had been conducted in the company’s name without its approval.

He claimed that officials at the bank’s Narayanganj branch, allegedly in coordination with higher authorities, opened back-to-back LCs based on forged sales contracts despite the absence of actual raw material imports.

According to the business owners, the alleged irregularities date back to 2017, when liabilities linked to those LCs were reportedly adjusted through current accounts and foreign currency purchases. They further alleged that additional loan burdens later appeared in their accounts without prior notification.

The factory owners said they had approached Bangladesh Bank multiple times over the issue, submitting 22 letters seeking intervention, but claimed they had yet to receive a resolution.

The businesses also alleged that they were compelled to purchase US dollars at rates significantly above market prices, intensifying financial pressure at a time when export competitiveness remained under strain.

At the briefing, several owners said they had faced pressure to sign loan rescheduling agreements to maintain access to banking facilities, including LC operations. According to them, the situation disrupted normal business activities and affected production continuity.

They further claimed that Bangladesh Bank later cancelled some rescheduling arrangements, resulting in the suspension of banking services for 23 factories.

The factory owners argued that the liabilities reflected in bank records did not correspond to their actual financial standing, noting that substantial loan exposures surfaced only in recent years despite no major concerns previously.

Speaking at the event, Dil Mohammad Imran, managing director of Knit Reflex Ltd, questioned how the alleged issues escaped regulatory scrutiny despite routine inspections and audits.

The group warned that prolonged disruption to factory operations could threaten export performance and employment for nearly 25,000 workers. They said they were prepared to settle legitimate dues but stressed that businesses must remain operational to ensure repayment capacity.

The business owners called for an independent investigation involving Bangladesh Bank, the Ministry of Finance and other relevant authorities, alongside a comprehensive forensic audit by a recognised firm.

A written appeal seeking intervention was also submitted to the Bangladesh Bank governor on 6 April, they added.