Tk404 crore embezzlement: Case filed against Saad Musa Group chairman, 15 others
The loans were approved without proper assessment by senior bank officials and board members of the respective institutions, says the case statement
The Anti-Corruption Commission (ACC) has filed a case against Mohammad Mohsin, chairman of Saad Musa Group, along with 15 others, over allegations of embezzling Tk404 crore from the government's Covid-19 stimulus package.
ACC Deputy Director Ram Prasad Mandal filed the case at the ACC's integrated district office on 7 May, ACC Director General Akhter Hossain told the media today (15 May).
Other accused include former managing director of National Bank Chowdhury Mostaq Ahmed, former deputy managing director ASM Bulbul, and former directors Monowara Sikder, Parveen Haque Sikder, Ron Haque Sikder, and Rick Haque Sikder.
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According to the case statement, Mohammad Mohsin, who is also the owner of Saad Musa Hometex and Clothing Limited and a former director of South Bangla Agriculture and Commerce Bank, conspired with Moin Uddin Ahmed Chowdhury, director of Radium Composite Textile Mills Limited, to fraudulently secure loans using forged documents.
These loans, including a substantial amount under the Covid-19 stimulus package, were approved without proper assessment by senior bank officials and board members of the respective institutions.
The Tk404 crore loan was sanctioned to Radium Composite Textile Mills Limited without verifying the company's actual financial requirements. The funds were then layered through different institutions and diverted for non-authorised purposes, including purchasing property, settling previous debts, and personal expenses.
The accused have been charged under sections 409, 420, 467, 468, 471, and 109 of the Penal Code, section 5(2) of the Prevention of Corruption Act, 1947, and sections 4(2) and 4(3) of the Prevention of Money Laundering Act, 2012.
