Hello Cam,
This function isn't implemented by Octave or any Octave-forge package as far as I can say. I don't know what your colleague did with this function, it seems to be a convenience wrapper for simple C-style binary I/O. If you are familiar with the C programming language, it would be no problem to get you binary I/O done by reading this section of the GNU/Octave manual:
https://www.gnu.org/software/octave/doc/interpreter/C_002dStyle-I_002fO-Functions.html
Many parameters of multibandread() that seem important to me for binary I/O can be found in other functions:
Only the interleaving (the repetition of certain data structures) must be controlled by you with for example for-loops.
Good luck with your project,
Kai