Depositors, shareholders storm UCB head office demanding resignation of board of directors

In a dramatic turn of events, over 200 furious depositors and shareholders stormed the head office of United Commercial Bank (UCB) today, demanding the immediate resignation of the Board Members and an immediate halt to further loan disbursements.

This uproar comes amidst shocking revelations of massive embezzlement and financial misconduct by former Land Minister Saifuzzaman Chowdhury and his associates.

The protestors, enraged by the misuse of their deposits, insist that the Board must step down to pave the way for an investigation into the bank's dubious activities. Reports indicate that Saifuzzaman and his family members have significantly increased their shareholding in UCB by embezzling depositor funds, a betrayal of the public trust that has sent shockwaves through the financial community, reads a press release of the Shareholders' Guideline Ltd.

A further investigation has uncovered that Saifuzzaman has amassed a staggering empire of over 350 properties in the UK, valued at around £200 million, funded by illicit means. His fraudulent activities extend to properties in the US, Dubai, Turkey, and Singapore, among others. The scale of this embezzlement is staggering, with estimates suggesting that over Tk12,000 crore has been siphoned off through corrupt loan disbursements and money laundering operations.

Saifuzzaman's tenure at UCB was marked by a systematic purge of honest and transparent directors who had built the bank over 25 years. These directors were replaced with family members and loyalists, including his wife, Rukhmila Zaman, as Chairman. Saifuzzaman, despite his official role as Land Minister, presided over Board meetings and operated from the bank's head office in Dhaka.

The bank's senior management team was filled with individuals of questionable competence, including the Head of HR, who was elevated to Managing Director despite lacking relevant experience. Multiple promotions and lucrative positions were granted to relatives, such as Alamgir Kabir, who was made

Deputy Managing Director Saifuzzaman exploited their positions to extract commissions ranging from 10% to 20% on loan disbursements, later pocketing entire loan amounts through fraudulent transactions.

Small loans cited as SME loans were disbursed to thousands of unknown individuals in Saifuzzaman's constituency in Anwara, with the entire sum embezzled by the two brothers. Additionally, a software purchase for Tk400 crore from Zara Zaman was another scheme to embezzle funds, with most of the money laundered abroad.

Today's protests underscore the urgent need for accountability and justice. The depositors and shareholders are calling for the immediate dissolution of the current Board, reinstatement of previous, honest Board Members, freezing of the Saifuzzaman family's shares, and a thorough investigation into the embezzled funds. The public demands that these funds be returned to the rightful owners, and those responsible be brought to justice to restore trust and stability in UCB.