Padma Bank DMD among 11 sued for loan fraud
The Anti-Corruption Commission (ACC) has sued Padma Bank Deputy Managing Director (DMD) Faisal Ahsan Chowdhury and 10 others on charges of embezzlement by a fraudulent loan of Tk10 crore in Chattogram.
"ACC Assistant Director Md Enamul Haque, on Monday, filed a lawsuit against them at ACC Chattogram Integrated District Office-1," said the office's deputy director Md Nazmus Sadat.
The others accused are former chairman of the executive committee of Padma Bank, Mahbubul Haque Chishti alias Babul Chishti, former Senior Vice President Shaukat Osman Chowdhury, former Manager (operations) of Khatunganj branch, Md Anwar Hossain, managing director of SB Auto Bricks Industries Limited, Md Chagir Chowdhury, Proprietor of M/s Alam Enterprises, Md Abu Alam and his wife Parveen Akhtar, MD of National Survey Bangladesh Limited, Md Majedul Islam, former Additional MD of Padma Bank, AKM Shamim, former MD Chowdhury Mostak Ahmad, and former vice-chairman of Executive Committee, Athar Uddin.
Keep updated, follow The Business Standard's Google news channel
According to the case statement, the accused misused their official power to provide a Tk10-crore loan to SB Auto Bricks Industries Limited over a three month period, in addition to a Tk14-crore loan given earlier, despite knowing the forced sale value of the mortgaged property was low.
The anti-graft body filed the case under sections-409, 420 and 109 of the Penal Code, under section 5 (2) of the Prevention of Corruption Act-1947, and section 4(2) of the Prevention of Money Laundering Act- 2012, for the alleged embezzlement of Tk10 crore by transferring, converting, and withdrawing this money in cash.
