The Anti-Corruption Commission (ACC) has filed a case against former land minister Saifuzzaman Chowdhury, his wife and former United Commercial Bank (UCB) chairperson Rukhmila Zaman, and 21 others for allegedly embezzling Tk 200m using a fake company, reports bdnews24.com.
ACC Director General Akhtar Hossain confirmed the development to journalists on Thursday. The case was filed by ACC Deputy Director Mahfuz Iqbal.
According to the case statement, a non-existent company named Eminent Traders applied for a Tk 200m time loan from UCB's Khatunganj branch on Feb 9, 2020.
The bank proposed to approve the loan, despite the absence of proper verification, collateral, or insurance. Even though UCB's Corporate Banking Division identified some irregularities, the bank's board of directors approved the loan on Feb 16.
On Feb 23, the entire amount was deposited into Eminent Traders' account. That same day, as well as the next, the money was funneled through 23 pay orders to three fake companies: Imperial Trading, Classic Trading, and Model Trading.
From there, the money ended up in an account of International Leasing and Financial Services Limited (ILFSL).
The loan was ultimately used to pay off installments for another loan taken by Aramit Cement Ltd. The company's Managing Director Rukhmila and her husband Saifuzzaman were directly involved with this loan.
According to the ACC, Eminent Traders has no legal existence. It was used as a front for coordinated fraud and money laundering involving fake firms, negligence by bank officials, and abuse of power.
As of Oct 31 2024, the total outstanding amount including interest had reached Tk 326.9m.
