Janata Bank EDF loan fraud: ACC approves case against Salman F Rahman, 21 others
The Anti-Corruption Commission (ACC) today (8 January) approved filing a case against former MP and Beximco Group Vice Chairman Salman F Rahman, along with 21 others, over alleged fraud and money laundering linked to Janata Bank's Export Development Fund (EDF) and other loan facilities.
ACC Assistant Director Md Tanzir Ahmed told reporters that the accused allegedly abused their positions and conspired to secure and disburse loans, including EDF facilities, to a newly formed company, Cozy Apparels Limited, which had no prior business experience.
The commission alleged that after receiving the loans, the accused created fictitious accommodation bills showing import and export transactions among themselves through Bangladesh Bank letters of credit. This, the ACC claims, enabled them to embezzle $19.64 million (approximately Tk136.68 crore at the 2022 exchange rate) without repatriating the funds to the country.
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The embezzled money is also alleged to have been laundered through multiple financial transactions, including transfers, conversions, and layering.
The ACC has approved registering the case under sections 409, 420, 467, 468, 471, 477(A), and 109 of the Penal Code, as well as section 5(2) of the Prevention of Corruption Act, 1947, and section 4 of the Prevention of Money Laundering Act, 2012 (amended 2015).
