ACC to sue Orion Group chairman over embezzlement

NN Desk :

The Anti-Corruption Commission (ACC) on Thursday decided to file a case against 12 people including Orion Group Chairman Mohammad Obaidul Karim and 11 top bank officials of Mercantile Bank over allegations of embezzling over Tk 507 crore by illegally obtaining loan facilities.

The decision was taken at the ACC headquarters on Thursday, ACC Director General Md Akhtar Hossain said, reports UNB.

According to the investigation report, the accused allegedly colluded to violate banking laws and regulations by approving loans without adequate collateral, converting foreign currency loans from the offshore banking unit into domestic unit loans, creating new loans to repay classified ones, and unreasonably extending loan tenures by up to seven years.

The ACC found evidence that these irregularities were carried out to provide unlawful benefits, resulting in the misappropriation of the money.

The commission will proceed with legal action based on the findings of the inquiry, the ACC official added.