Dhaka:<Text>
The Anti-Corruption Commission (ACC) has initiated legal proceedings against 13 individuals, including Orion Group Chairman Mohammad Obaidul Karim, for allegedly embezzling Taka 507,51,41,341 through a "loan fraud" involving Mercantile Bank Limited. This development was announced by ACC Director General Md. Akhtar Hossain during a media briefing at the commission's headquarters.
According to Bangladesh Sangbad Sangstha, the case has been lodged under multiple sections of the Penal Code, the Prevention of Corruption Act of 1947, and the Money Laundering Prevention Act of 2012. The primary individuals implicated in the case include Orion Group Chairman Mohammad Obaidul Karim, Managing Director and CEO Salman Obaidul Karim, and several former and current executives of Mercantile Bank Limited.
The ACC's investigation revealed collusion among the accused to approve a loan with insufficient collateral. The investigation highlighted violations of bankin g laws, where foreign-currency term loans from the bank's offshore unit were moved to the domestic unit and converted into new local currency loans. This maneuver, purportedly to settle a classified loan, resulted in a new loan with an extended tenure of seven years, allegedly providing undue advantages to the client.
The case details that approximately Tk 5 billion was embezzled through the rescheduling of the loan. Additionally, the ACC has ordered Orion Group Chairman Mohammad Obaidul Karim and his wife Arzuda Karim to submit their statements of assets, as part of efforts to verify the accuracy of their declared assets and uncover any assets acquired in proxy names.
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