Tk2,857cr embezzlement: ACC approves 4 cases against Salman F Rahman
Till now, several cases have been filed against Salman F Rahman, accusing him of embezzlement and money laundering
The Anti-Corruption Commission (ACC) has approved the filing of four separate cases against Salman F Rahman, Beximco Group chairman and former private industry and investment adviser to ousted prime minister Sheikh Hasina, over allegations of stock market manipulation, placement share irregularities, bank loan embezzlement, and money laundering.
According to the ACC, the four cases involve the alleged embezzlement of a total of $336.23 million, equivalent to around Tk2,857 crore.
ACC Director General Akhtar Hossain disclosed the information to journalists during a regular press briefing today (1 January).
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Salman, who is currently behind bars, is accused in multiple cases over various charges, including murder, embezzlement, and money laundering.
The investigations were carried out by a special team from the ACC headquarters under its Special Inquiry and Investigation Wing. The team was led by Deputy Director Muhammad Zainal Abedin, with Assistant Directors Minhaj Bin Islam and Sazzad Hussain and Deputy Assistant Directors Elman Ahmad Oni and Roman Uddin as members.
According to the ACC, Salman F Rahman and his associates abused their influence and acted in collusion to manipulate the stock market and defraud investors, siphoning off thousands of crores of taka.
The commission also said influence was used to obtain loans worth around Tk36,000 crore from both state-owned and private banks, a significant portion of which was allegedly laundered abroad.
In the first case, loans, including Export Development Fund (EDF) facilities, were approved and disbursed from Janata Bank's Dhaka Local Office in the name of newly formed Yellow Apparels Limited. By showing fictitious import-export transactions and creating accommodation bills, about $49.0 million, or Tk416.3 crore, was allegedly embezzled.
Charges have been approved against 23 people, including Salman F Rahman, under the Penal Code, the Anti-Corruption Commission Act, and the Money Laundering Prevention Act.
The second case relates to Pink Maker Garments Limited, where the ACC alleges that about $79.5 million, equivalent to Tk675.3 crore, was misappropriated using a similar method. The commission has approved charges against 20 people in this case.
In the third case, the ACC alleges that EDF loans taken in the name of Apollo Apparels Limited were used to embezzle about $84.6 million, or Tk719.2 crore. Charges have been approved against 24 people in connection with this transaction.
The fourth case involves Bay City Apparels Limited, where about $123.2 million, equivalent to Tk1,047.1 crore, was allegedly embezzled through fraudulent means. The ACC has approved charges against 27 people in this case.
Besides Salman F Rahman, the accused include his family members, senior executives of the Beximco Group, directors of the garment factories concerned, and former and current senior officials of Janata Bank.
The ACC said the misappropriated funds were transferred, converted, and layered through various banking channels to facilitate money laundering, with preliminary evidence found during the investigation.
