Nazrul Islam Mazumder, the notorious syndicate mastermind in Bangladesh's banking sector and former chairman of Exclim Bank, abused his power to siphon off approximately BDT 35,000 crore from various banks across the country. Lengthy investigations by the Anti-Corruption Commission (ACC) and various intelligence agencies have revealed sensational information regarding the massive corruption and money laundering by this self-proclaimed "mafia" of the banking sector.

According to investigations, Nazrul Islam Mazumder and his associates embezzled this staggering amount through widespread irregularities and corruption across 26 government and private banks. Operating from top-tier positions in the banking sector, he irregularly authorized loans worth thousands of crores in the names of anonymous entities belonging to himself and his relatives. Standard banking regulations and protocols were entirely bypassed while disbursing these loans. Funds were extracted from banks in the names of nonexistent paper companies using inadequate collateral, fake Letters of Credit (L/Cs), and over-invoicing.

The colossal sums looted were subsequently laundered abroad. Investigations uncovered offshore companies registered under the names of him and his family members in the UK, Isle of Man, and Hong Kong. A significant portion of the laundered money was invested in properties across the UK and Jersey, resulting in court orders freezing multi-million-pound assets and bank accounts. Following multiple ACC lawsuits filed against him and his associates for exploiting general depositors' funds, he is currently facing legal proceedings and is behind bars.