ACC arrests former EXIM Bank MD over Tk 8.57b fraud

The Anti-Corruption Commission (ACC) on Thursday arrested Md Firoz Hossain, former managing director (MD) of EXIM Bank, in a case filed over embezzling and laundering more than Tk8.57 billion.

After the arrest, Md Firoz Hossain was produced before a court with a petition to send him to jail.

According to ACC Director General Md. Akhter Hossain, Mr Firoz Hossain was arrested on the day from the Segunbagicha area of Dhaka.

The arrest was made by an ACC team led by its Assistant Director Shahjahan Miraj.

Earlier on August 17, the ACC had filed a case against 21 people, including former EXIM Bank chairman Nazrul Islam Mazumder, for allegedly embezzling and laundering Tk8.57 billion.

The case statement said that as MD, Mr Firoz Hossain had recommended loan proposals to the board without any proper verification or inquiry.

As head of the bank's Investment Risk Management Committee, he also played a key role in approving the controversial loans.

According to the ACC, the accused, in collusion with others, abused their power and committed criminal misconduct, embezzling the amount and later transferring and converting the money to conceal its illegal source, nature, and ownership.

In its petition to keep him in jail, the ACC said the accused might go into hiding, influence witnesses, or obstruct the ongoing investigation if released on bail.

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