Tk25cr embezzlement: 2 former UCB directors land in jail after surrendering
A Chattogram court has ordered to send two former directors of United Commercial Bank (UCB) to jail in a case filed over the embezzlement and laundering of a loan worth Tk25 crore.
Judge Md Mizanur Rahman of the Chattogram Divisional Special Judge's Court issued the order today (31 March), confirmed Anti-Corruption Commission (ACC) Public Prosecutor Mokarram Hossain.
According to court officials, the judge granted ACC's plea to send former UCB directors Aparup Chowdhury and Touhid Shipar Rafiquzzaman to jail after they surrendered before it.
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Aparup and Touhid, in violation of banking rules and regulations, had allegedly facilitated the approval of loans in favour of a paper-based (non-existent) company in a biased manner -- creating the opportunity for embezzlement and money laundering, according to the charges levelled against them.
On 11 March, the same court formally charged 36 individuals, including former land minister Saifuzzaman Chowdhury, in this case, kicking off the trial proceedings.
The court also set 5 April to begin recording witness testimonies.
Case details
According to the charge sheet, a company named "Vision Trading" took a loan of Tk25 crore from UCB's Chattogram Port Branch. The money was later laundered abroad through hundi.
On 24 July 2025, ACC Deputy Director Md Mashiur Rahman filed the case at the corruption watchdog's Chattogram District Office-1. After the investigation, the charge sheet was submitted to the court on 5 January this year.
The same Chattogram court on 7 January issued arrest warrants against Saifuzzaman and 31 others.
The case currently involves 36 accused and 92 witnesses. The accused include Saifuzzaman's wife and former UCB chairman Rukmila Zaman, his brother Asifuzzaman Chowdhury, and his sister Roksana Zaman Chowdhury.
According to the charge sheet, Aramit Group protocol officer Farman Ullah Chowdhury obtained the loan of Tk25 crore from UCB by impersonating the owner of a business entity called Vision Trading.
Subsequently, Saifuzzaman withdrew the funds through his employees and transferred them abroad through 'hundi' for the purchase of property.
The charge sheet alleges that the embezzlement occurred between 13 October 2019 and 13 February 2020.
The investigating officer specified that the accused are charged under various sections of the Penal Code, Prevention of Corruption Act, and Prevention of Money Laundering Act.
Saifuzzaman, an Awami League leader, held the position of state minister for land from 2014 to 2018 and land minister from 2019 to 2023.
Before the 2024 parliamentary elections, he faced accusations of accumulating significant wealth overseas. Following this, he did not retain a ministerial position in the subsequent government.
Media reports indicated that Saifuzzaman relocated to London with his wife and family members around the time of the fall of the Awami League government during the mass uprising on 5 August 2024.
