Ex-minister Saifuzzaman accused in graft case
Staff Reporter :
The Anti-Corruption Commission (ACC) has filed a case against former Land Minister Saifuzzaman Chowdhury, his wife Rukmila Zaman-former chairperson of United Commercial Bank PLC (UCB)-and 22 others on charges of embezzling Tk 25 crore through fraudulent loan procurement.
According to a statement released on Wednesday by the ACC Deputy Director of Public Relations Md Akhtarul Islam, the case was filed following allegations that a fake company, Crescent Traders, was used to obtain the loan from UCB’s Jubilee Road branch in Chattogram using forged documents and false information.
The ACC’s case alleges that the fraudulent activities were orchestrated under the guise of a working capital loan for Crescent Traders a non-existent company supposedly operated by Syed Nurul Islam, a relative of Syed Kamruzzaman, chief operating officer of Saifuzzaman Chowdhury’s privately owned Aramit Group.
On 10 October 2019, a bank account was opened with UCB’s Jubilee Road branch without proper verification.
Bank officials at the time allegedly approved the account in violation of standard banking procedures.
In February 2020, a loan application was submitted seeking Tk 25 crore in working capital.
Despite 17 adverse observations noted during the loan evaluation, the application was approved with the support of senior bank officials and board members.
The ACC further stated that Tk 24 crore of the loan amount was transferred to accounts of two companies-Malik Salt Industries Unit-2 and Riverside Enterprise-both owned by one Abdul Khaleq, in three separate banks.
The funds were reportedly used to repay a previous Tk 30 crore loan, essentially using new debt to cover old liabilities.
The remaining Tk 1 crore was withdrawn in cash from the Crescent Traders account by Mohammad Yasinur Rahman, an employee of Saifuzzaman Chowdhury.
The ACC has identified this as a coordinated scheme involving abuse of power, financial fraud, and a breach of fiduciary duty, implicating not only the former minister and his wife but also several bank officials and associates.