ACC files case over Tk250cr loan fraud against Saifuzzaman Chowdhury, 35 others
ACC alleged that the concerned branch officials opened the account in violation of rules without proper due diligence. Later, on 13 February 2020, an application was submitted for a Tk250 crore time loan for 180 days, citing the purchase of wheat, lentils, chickpeas and yellow peas.
The Anti-Corruption Commission (ACC) has filed a case against 36 people, including former land minister Saifuzzaman Chowdhury, on charges of embezzling a Tk250 crore loan from United Commercial Bank (UCB) by using fictitious companies and laundering the money.
ACC Director General Akhtar Hossain confirmed the matter to journalists today (4 January).
According to the ACC complaint, on 13 October 2019 a current account was opened at UCB's Port Branch in Chattogram by falsely presenting Mohammad Farman Ullah Chowdhury, protocol officer of Aramit Limited owned by Saifuzzaman Chowdhury, as a businessman and showing him as the proprietor of a paper company named "Vision Trading."
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ACC alleged that the concerned branch officials opened the account in violation of rules without proper due diligence. Later, on 13 February 2020, an application was submitted for a Tk250 crore time loan for 180 days, citing the purchase of wheat, lentils, chickpeas and yellow peas.
The application contained false information regarding the company's stock, experience and warehouse facilities, and the loan was recommended without any collateral.
Although UCB's head office credit committee placed the proposal before the board of directors with 17 negative observations, final approval of the loan was given at the 448th board meeting held on 12 March 2020, ACC complaint said.
ACC alleges that after the loan was disbursed, the money was first transferred to the bank's general ledger account to conceal the fund flow. Subsequently, the entire Tk250 crore was sent through pay orders to the accounts of four shell companies. The money was then transferred to the accounts of Aramit Cement PLC and Aramit Thai Aluminium Limited – both owned by Saifuzzaman Chowdhury – to adjust previous liabilities.
The ACC alleges that around Tk9 crore 41 lakh was withdrawn in cash through this process and smuggled abroad via hundi. The accused concealed the source of the money through placement, layering, transfer and conversion.
Apart from Saifuzzaman Chowdhury, the accused in the case include former UCB chairman Rukmila Zaman, branch managers and senior bank officials, as well as several employees and associates linked to the Aramit Group.
