ACC finds proof of Tk 11b loan scam by Bismillah Group

FE Report The Anti-Corruption Commission (ACC) has found proof of embezzlement of around Tk 11 billion by Bismillah Group from five commercial banks showing fake documents, officials said Monday. The ACC investigation report which is likely to be submitted to the Commission today (Tuesday) said the Bismillah Group adopted the same methods of trickery like Hall-Mark Group. The ACC probe team plans to file 12 cases against a total of 52 officials of the terry towel maker and five banks. ACC Chairman M Badiuzzaman told the FE Monday that the special inquiry division (SID) of the Commission is now scrutinising probe report which has been completed by three-member probe team. "We did not get the report as yet. But, I have learnt that the probe team submitted the report to the SID and we are supposed to get it today," he added. He said the scam took place under mutual understanding between Bismillah Group and the bank officials which is almost similar to Hall-Mark Group loan scandal. ACC boss said they will examine the report and then take necessary action. Bismillah Group allegedly embezzled around Tk 3.92 billion from the state-owned 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. With the approval of the Commission, the probe team will file the cases against the accused under the Money Laundering Prevention Act, a probe team member told the FE. Before preparing the probe report, the inquiry committee examined documents of all the five banks and quizzed around 70 of their officials. The controversial group swindled the money with the help of bank officials between June 2011 and July last year mostly through LTR (loan against trust receipt) using names of fake foreign buyers and forged documents, the enquiry revealed. Borrowers usually do not need to put their property as collateral to get loans from banks through LTR as such loans are given on trust provided that some documents are submitted, said ACC investigators. But Bismillah Group along with its several sister concerns -- Shaharish Composite Factory Ltd, Alpha Composite Towel Ltd, Shaharish KT Ltd, Hindul Wali Ltd and Bismillah Towel Ltd resorted to embezzlement. Earlier, ACC asked Bismillah Group chairman Nowrin Hasib and its managing director Khaja Sulaiman Anwar to be present at the ACC head office to face grilling on May 8. But, they did not appear before the commission as they were said to have fled the country. As the two top officials of Bismillah Group have gone into hiding, the probe report will be prepared without questioning them, ACC sources said. On February 26 last, the anti-graft body formed a five-member inquiry team to probe graft allegations against Bismillah Group, a terry towel producer. ACC deputy director Syed Iqbal Hassain led the probe team which includes the anti-graft body assistant directors Tawfiqul Islam and Gulshan Anower Prodhan, and deputy assistant directors Sarder Masur Ahmed and Al Amin.