Sonali Bank director sacked, three others accused of embezzling Tk600m

Defendant ‘abused his influence to break bank rules’ to acquire loan, ACC says

The Anti-Corruption Commission (ACC) has prosecuted a sacked director of Sonali Bank and three others for embezzling Tk600 million they borrowed from the bank in the name of offshore trading.

M/S Daiyan Fashions Limited Chairman, Syeda Sahela Muntasir, Managing Director Abu Naser Tawab, Mosammat Rahatun, who is a customer of the bank, and Sonali Bank Narayanganj Foreign Exchange Branch Manager, Md Abdus Samad , were charged in the case filed by the District ACC Deputy. Assistant director Wahid Manjur Sohag.

According to the case, the defendants “abused their influence to break the rules of the bank” to acquire the loan when they had not insured the stock of imported raw materials, which exceeded the limit and had expired, reports

He added that they had disbursed the loan “without the approval of higher authorities” and had not contacted a foreign bank to settle the payment. The branch manager opened a letter of credit, or LC, “beyond his authority” and recreated a forced loan, although the customer had a forced loan liability.

By opening an LC and recreating a forced loan, the suspects were able to borrow Tk 195 million, showing past loans settled. The amount was Tk 604 million with interest, according to the case documents.

The four were charged under Section 409/109 of the Penal Code and Sector 5(2) of the Prevention of Corruption Act 1947.

Comments are closed.