Ex-land minister, wife, 26 others sued for embezzling Tk15 crore from UCB Ctg

The Anti-Corruption Commission (ACC) has filed a case against former Land Minister Saifuzzaman Chowdhury, his wife Rukmila Zaman and 26 other officials and former directors of United Commercial Bank (UCB) for allegedly embezzling and laundering Tk15 crore through loans taken in the name of Aramit Cement employee using a fake business entity.

Mohammad Main Uddin, assistant director of the ACC, filed the case with ACC Chattogram District Integrated Office-1 today (31 July).

Shubel Ahmed, Deputy Director of the Chattogram District Integrated Office-1, confirmed the filing of the case.

Former officials of UCB and associates of Aramit Group implicated in the case include Abu Hena Md Fakhrul Islam, former officer at UCB's Port Branch in Chattogram; Md Moazzem Hossain Chowdhury, former First Vice President of the same branch; Ziaul Karim Khan, former Credit Officer; Md Abdul Awal, former FAVP and Credit In-Charge; Mir Mesbah Uddin Hossain, former FAVP and Operations Manager; and Abdul Hamid Chowdhury, former Vice President and Branch Manager. Also named are Mohammad Mishabahu Alam, owner of Model Trading and an employee of Aramit PLC; Md Abdul Aziz, owner of Imperial Trading and AGM of Aramit PLC; and Shahriar Hossain, DGM of Aramit Thai Aluminium Ltd.

Former top executives and board members of UCB named in the case include Bajlul Ahmed Babul, former Vice Chairman; Anisuzzaman Chowdhury; Akhtar Matin Chowdhury; M A Sabur; Yunus Ahmed; Nurul Islam Chowdhury; Asifuzzaman Chowdhury; Roksana Zaman Chowdhury; Bashir Ahmed; Afroza Zaman; Syed Kamruzzaman; Md Shah Alam; Prof Dr Md Jonaid Shafique; Dr Konok Kanti Sen; Dr Aparup Chowdhury; Tauhid Sipar Rafiquzzaman; and Arif Qadri, former Acting Managing Director. All are accused of playing various roles in facilitating, approving, or benefiting from the fraudulent loan disbursement.

According to the case documents, Aramit Cement PLC — owned by Saifuzzaman — used one of its employees, Mohammad Jasim Uddin, to pose as a businessman and open a fake company account under the name "Reliable Trading". False trade licenses were used to open a current account at UCB's Port Branch in Chattogram on 28 August 2018, without proper verification by then UCB officers Abu Hena Md Fakhrul Islam and Md Moazzem Hossain Chowdhury.

On 15 November 2020, a loan application for Tk23 crore was submitted to the bank using forged documents under the pretense of working capital for Reliable Trading. On the same day, four senior UCB officials — Ziaul Karim Khan, Md Abdul Awal, Mir Mesbah Uddin Hossain, and Abdul Hamid Chowdhury — prepared and signed a fabricated inspection report falsely certifying the company's operations, assets, and ownership.

Despite containing nine serious negative observations, the loan proposal was approved by UCB's 454th Board of Directors meeting on 18 November 2020. The approval was later formalized on 19 November 2020 by the bank's Credit Risk Management Division.

On 6 December 2020, the Tk15 crore loan was deposited into the Reliable Trading account, and by the next day, nearly the entire amount was siphoned out through a series of transactions designed to obscure the money trail. A total of Tk6.5 crore was funneled into another shell company, Model Trading, owned by Mohammad Mishabahu Alam — an employee and close associate of Saifuzzaman — before being transferred into the Aramit Cement PLC account held at UCB's Bahaddarhat branch. The money was used to repay previous debts and cover liabilities related to Saifuzzaman's business interests.

Another Tk3.3 crore was routed through a second paper company, Imperial Trading, owned by Md Abdul Aziz, also linked to Saifuzzaman's business empire. This sum was later transferred to Aramit Thai Aluminium Ltd, another company owned by Saifuzzaman and his wife, for similar purposes.

The remaining Tk5.18 crore was distributed via pay orders to seven business entities — including Tasin Steels Ltd, Ruby Food Products Ltd, and Sonargaon Salt Industries Ltd — that were allegedly involved in settling debts or dues connected to Saifuzzaman and his wife Rukmila Zaman.

According to the ACC's findings, no legitimate business activity existed for Reliable Trading. The account was opened without physical verification, and the loan was disbursed using forged inspection reports and signatures. The entire operation, the ACC says, was a premeditated scheme to embezzle and launder public money under the guise of commercial lending.

The ACC has filed charges under several sections of the Penal Code, including 406 (criminal breach of trust), 409 (criminal breach of trust by public servant or banker), 420 (cheating), and multiple sections relating to forgery and conspiracy. Additionally, charges have been framed under the Prevention of Corruption Act, 1947, and the Money Laundering Prevention Act, 2012.

If proven, these charges could carry significant penalties, including long-term imprisonment and asset seizure. ACC officials said further action, including arrests and property attachment, will follow upon court approval.

This is the second case filed against Saifuzzaman Chowdhury and his wife in just one week. Earlier, on 24 July, the ACC filed a similar case against the former land minister, his wife, and 29 others for allegedly embezzling and laundering Tk25 crore from United Commercial Bank through loans taken in the names of Aramit Group employees using fake business entities.