Tk 250cr Loan Scam ACC sues on ex-land minister
Staff Reporter :
The Anti-Corruption Commission (ACC) has filed a case against 36 people, including former land minister Saifuzzaman Chowdhury, on allegations of embezzling a Tk250 crore loan from United Commercial Bank (UCB) by using fictitious companies and laundering the funds.
ACC Director General Akhtar Hossain confirmed the filing of the case to journalists yesterday.
According to the ACC complaint, the alleged irregularities began on October 13, 2019, when a current account was opened at UCB’s Port Branch in Chattogram by falsely presenting Mohammad Farman Ullah Chowdhury—protocol officer of Aramit Limited, a company owned by Saifuzzaman Chowdhury—as a businessman. He was shown as the proprietor of a paper company named “Vision Trading,” which the ACC says had no real existence.
The complaint alleges that officials of the concerned branch opened the account in violation of banking rules and without conducting proper due diligence. On February 13, 2020, an application was then submitted seeking a Tk250 crore time loan for 180 days, citing the purchase of wheat, lentils, chickpeas and yellow peas.
The loan application allegedly contained false information regarding Vision Trading’s stock, business experience and warehouse facilities. Despite the absence of any collateral, the proposal was recommended for approval, the ACC said.
According to the complaint, UCB’s head office credit committee placed the proposal before the bank’s board of directors with 17 negative observations. However, final approval of the loan was granted at the bank’s 448th board meeting held on March 12, 2020.
The ACC alleges that after the loan was disbursed, the money was initially transferred to the bank’s general ledger account in an attempt to conceal the flow of funds. Subsequently, the entire Tk250 crore was issued through pay orders to the accounts of four shell companies.
From there, the money was transferred to the accounts of Aramit Cement PLC and Aramit Thai Aluminium Limited—both owned by Saifuzzaman Chowdhury—to adjust previous liabilities of the Aramit Group, the complaint said.
The anti-graft body further alleged that around Tk9.41 crore was withdrawn in cash through this process and smuggled abroad through hundi.
The accused allegedly concealed the source of the money through placement, layering, transfer and conversion, constituting money laundering under existing laws.
Those named in the case include former UCB chairman Rukmila Zaman, branch managers and senior bank officials, as well as several employees and associates linked to the Aramit Group, in addition to former minister Saifuzzaman Chowdhury.