Aramit PLC AGM confesses to massive loan scam tied to ex-minister Saifuzzaman
Jahangir, arrested on Wednesday on charges of withdrawing and laundering Tk1.76 crore in cash from various banks, recorded his statement this afternoon before Metropolitan Magistrate–2 Muhammad Ibrahim Khalil under the Senior Special Judge’s Court in Chattogram.
Md Jahangir Alam, assistant general manager (AGM) of Aramit PLC, has given a confessional statement under Section 164 of the Code of Criminal Procedure admitting his role in a massive loan fraud and money laundering scheme allegedly orchestrated by former land minister Saifuzzaman Chowdhury.
Jahangir, arrested on Wednesday (24 September) on charges of withdrawing and laundering Tk1.76 crore in cash from various banks, recorded his statement this afternoon (25 September) before Metropolitan Magistrate–2 Muhammad Ibrahim Khalil under the Senior Special Judge's Court in Chattogram.
Anti-Corruption Commission (ACC) Deputy Director Moshiur Rahman, the investigating officer, confirmed the deposition to The Business Standard, saying Jahangir detailed how Saifuzzaman and his associates created fake companies, obtained fraudulent loans, and siphoned hundreds of crores of taka abroad.
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According to court sources, Jahangir confessed that Saifuzzaman and top executives of Aramit PLC – including Chief Operating Officer Syed Kamruzzaman, AGM Abdul Aziz, and AGM Utpal Pal – set up at least 10 paper companies with fabricated trade licenses to secure loans from United Commercial Bank (UCB) and Islami Bank.
Using these shell firms – such as Classic Trading, Vision Trading, Model Trading, Crescent Traders, and Imperial Trading – the group allegedly laundered more than Tk1,000 crore. Jahangir said his own name and personal documents were used to open the account of Classic Trading at UCB's Station Road branch in January 2018. He claimed blank cheques bearing his signature were taken and later used to move money without his consent.
Between January 2018 and July 2022, some Tk651 crore was deposited and withdrawn through the Classic Trading account alone, he said. Funds were routed through accounts of Aramit Cement, Aramit Thai Aluminium and other group companies before being withdrawn in cash and transferred abroad.
Jahangir also described a separate plan to obtain a Tk500 crore Bai-Murabaha loan from Islami Bank's Jubilee Road branch using the same fake business fronts. He alleged that large sums were channeled into accounts controlled by Saifuzzaman's companies and then withdrawn through bearer cheques by employees acting on instructions from senior management.
Cash seizure and ongoing cases
The ACC earlier recovered Tk1.02 crore in cash from Aramit PLC's office. Jahangir claimed part of this money was withdrawn on the orders of the company's CEO for "company and legal purposes" but admitted it was tied to the broader scheme.
The confession implicates former minister Saifuzzaman as the key beneficiary, alleging he used the laundered funds to acquire substantial overseas assets. Jahangir said he and other executives followed direct instructions from Saifuzzaman and his close aides to open accounts, sign cheques, and facilitate transfers.
The ACC is continuing its investigation into the multi-billion-taka scam, which prosecutors say is one of the largest financial crimes linked to a former cabinet member.
