Dhaka, May 17 -- six export-oriented garment factory owners on Saturday demanded a high-level independent investigation into what they alleged to be large-scale financial irregularities at Premier Bank PLC's Narayanganj branch, including LC fraud and the creation of fictitious loans.

Speaking at a press conference at the Economic Reporters' Forum (ERF) office in the capital, the business owners accused bank officials of siphoning off funds, illegal foreign currency transactions, and "collusion" between the branch and head office.

In a written speech, Arifur Rahman, managing director of Doyes Land Apparels Ltd, claimed that funds were siphoned using his company's name without his knowledge. "Bank officials, in collusion with the head off...