Court freezes Tk4.64cr Meghna Bank shares of 3 people linked to ex-land minister Saifuzzaman
A Dhaka court has ordered to freeze Tk4.64 crore shares held at Meghna Bank in the names of three individuals linked to former land minister Saifuzzaman Chowdhury Javed on Tuesday (18 November).
The order was issued by Dhaka Metropolitan Senior Special Judge Sabbir Foyez, following a petition submitted by the Criminal Investigation Department (CID). The court's bench assistant, Md Riaz Hossain, confirmed the development.
The individuals whose shares have been frozen are Imrana Zaman Chowdhury, former director of Meghna Bank PLC; Utpal Pal, managing director of Steadfast Management Trading Ltd; and Nasim Uddin Mohammad Adil, director of the same company.
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Earlier, CID Financial Crime Unit Sub-Inspector (SI) Md Nafizur Rahman filed a petition requesting that the shares be frozen.
According to CID's petition, the accused, in collusion with each other, purchased Meghna Bank PLC shares worth Tk 59.95 crore using funds obtained through extortion, fraud, and organised criminal activities. The money was reportedly laundered abroad and later brought back to Bangladesh to disguise its illegal origins.
The petition states that a total of USD 13,40,510 was brought into the country from Singapore and Dubai through an individual named Md Abul Kashem, and the funds were then transferred via cash cheques to the bank accounts of Imrana and Steadfast Management Trading Ltd.
The money was subsequently used to open accounts at Community Bank PLC for the purpose of purchasing Meghna Bank PLC shares. A total of Tk 59.95 crore was transferred for these transactions.
CID argued that without freezing the shares, the accused could easily sell them and withdraw the funds, jeopardising the investigation. It said freezing the shares is essential under the Money Laundering Prevention Act to ensure proper progress of the inquiry.
