Staff Reporter :
The Anti-Corruption Commission (ACC) has decided to file a case against FAS Finance and Investment Limited and Mantrust Properties Private Limited, both listed on the stock exchange, over a major loan fraud.
The allegation involves approving loans twice against the same property, which has now
accrued massive interest. ACC Director General Akhtar Hossain confirmed on Tuesday (30 September) that a lengthy investigation proved the wrongdoing, prompting the commission to approve the case.
The charge sheet states that the former management of FAS Finance and the managing director of Mantrust Properties conspired to approve double loans under a tripartite agreement against the same immovable property.
The original loan amount was Tk 27 million, but default and interest accumulation have increased it to around Tk 65 million.
The accused include Mantrust MD Md Shah Alam and nine former and current FAS Finance officials, including former Principal Officer Niaz Ahmed Farooqui, former Senior VP Md Shahidul Islam, former MD Md Mofiz Uddin Chowdhury, and former Chairman Mohammad A. Hafiz, among others.
The ACC also noted that thousands of crores have been embezzled from FAS Finance under Prashant Kumar Halder, a key figure in financial sector frauds, highlighting ongoing irregularities in the country’s financial institutions.
