Jamuna Bank DMD on 10-day remand

The former deputy managing director (DMD) of Jamuna Bank Limited Mozammel Hossain who was arrested in connection with the swindling of about Tk 11 billion bank loan by Bismillah Group was taken on a 10-day remand Tuesday.

The Chief Metropolitan Magistrate's court in Dhaka granted the remand against the Anti-corruption Commission's (ACC's) demand for 20 days after rejecting a bail petition filed by the defence counsel.

Metropolitan Magistrate Subrina Ali passed the order after the bank officer was produced before the court.

Deputy assistant director of the anti-graft watchdog M Mahbubur Rahman, with the assistance of police, arrested the former Jamuna Bank DMD from the city's Segunbagicha area Monday.

Mr Hossain was the manager of the bank's Motijheel branch during the period the loan scam occurred.   

On November 3, 2013, the ACC filed 12 cases against 53 people in connection with the case. The ACC investigation team, led by its deputy director Syed Iqbal Hossain, filed the cases with three police stations -- Ramna, Motijheel and New Market -- in the city.

The cases were filed against 13 officials of Bismillah Group, 12 officials of Janata Bank, eight of Prime Bank, seven of Premier Bank, five of Jamuna Bank and seven of Shahjalal Islami Bank.

According to a Bangladesh Bank report, Bismillah Group allegedly swindled about Tk 11 billion from the state-owned Janata Bank and four private commercial banks. The group allegedly embezzled around Tk 3.92 billion from Janata Bank, Tk 3.06 billion from Prime Bank, Tk 1.64 billion from Jamuna Bank, Tk 1.49 billion from Shahjalal Islami Bank and Tk 629.7 million from Premier Bank.

The ACC probe team found proof of the embezzlement.