Dhaka: The Anti-Corruption Commission (ACC) has initiated a significant legal action against senior executives of Bashundhara Group and both current and former directors and officials of National Bank in connection with the alleged embezzlement of Tk 1,325 crore in bank loans. Director General of ACC, Akhtar Hossen, informed reporters about the development at the Commission’s head office.
According to United News of Bangladesh, the case summary identifies several accused individuals, including Ahmed Akbar Sobhan, Chairman of Bashundhara Group, and Safiat Sobhan, Managing Director of Bashundhara Multi Food Products Ltd. Other accused include Moynal Hossain Chowdhury, director of the same company, and two authorised signatories of the company’s current account, Major General (retired) Mohammad Mahbub Haider Khan and Captain (retired) Mohammad Ruhul Amin.
In addition, several senior National Bank officials and board members have been implicated. These include former branch manager Md Ekramul Haque, former and serving senior vice presidents, vice presidents, and credit committee members of the bank’s Dilkusha branch, along with former managing director Chowdhury Mostak Ahmed (C M Ahmed) and multiple current and former directors of the bank, notably AKM Enamul Haque Shamim, director of National Bank PLC.
The ACC alleges that the accused, in collusion and with dishonest intent, misused their authority at National Bank to bypass the bank’s Policy and Procedural Guidelines on Credit Risk Management. This breach facilitated the approval and disbursement of substantial loans in the name of Bashundhara Multi Food Products Ltd without adequate collateral and necessary documentation, such as Fortnightly Stock Reports.
Investigations reveal that loans were approved relying on insufficient securities, and the borrower’s repayment capability was not assessed. Key documents like factory inspection and stock reports were missing, and undated blank charge documents were accepted despite personal guarantees.
The bank’s oversight extended to failing to review the borrower’s liabilities with other financial institutions, despite existing loans under Bashundhara Multi Food Products Ltd. Consequently, the accused sanctioned Tk 575 crore in funded loans and Tk 750 crore in non-funded facilities, totaling Tk 1,325 crore. Of the funded loans, Tk 575 crore was disbursed but not repaid.
Significant funds diversion was noted, with Tk 503.125 crore allegedly redirected for purposes beyond approved allocations. The ACC claims the funds were transferred to various Bashundhara Group accounts, used for internal bill settlements, loan adjustments, cash withdrawals, and to pay East West Property Development (Pvt) Ltd employees’ salaries and allowances for June 2018.
While the loans were meant for costs such as customs, transport, office operations, and marketing, the funds were allegedly misappropriated, constituting offenses under multiple legal provisions, including the Penal Code, the Prevention of Corruption Act, and the Money Laundering Prevention Act.
The case is being filed by Mahmudul Hasan Bhuiyan, Assistant Director of the ACC headquarters, and a member of a joint inquiry and investigation team led by ACC Deputy Director Jahangir Alam. The team includes officials from the ACC, the Criminal Investigation Department of the Bangladesh Police, Customs, Excise and VAT Commissionerate (Dhaka South), and the National Board of Revenue. The process of filing the case is currently underway.