Dhaka: The Anti-Corruption Commission (ACC) on Monday approved a charge sheet against former Land Minister Saifuzzaman Chowdhury, his wife, and 33 others over allegations of embezzling Tk 230 million by taking loans in the names of fictitious paper companies from United Commercial Bank (UCB). Sources said the charge sheet was approved at the ACC headquarters and would be submitted to the court soon.
According to United News of Bangladesh, the case was filed on August 7, 2025, at the ACC’s Integrated District Office. The approved charge sheet lists several high-profile individuals, including Saifuzzaman Chowdhury, his wife, former UCB chairman Rukmila Zaman, and other former executives and directors of UCB. The allegations suggest a collusion to abuse power and approve loans using forged and false documents.
The investigation revealed that a bank account was opened at UCB’s Karwan Bazar branch for a fictitious entity, Progressive Trading, without proper verification. Despite negative observations, the UCB head office credit committee approved the loan in the bank’s 424th board meeting. The ACC alleged that the money was later laundered, constituting a criminal breach of trust.
The charge sheet has been approved under various sections of the Penal Code, the Prevention of Corruption Act, and the Money Laundering Prevention Act. The ACC inquiry was initiated following a September 2024 Al Jazeera report, which alleged that Saifuzzaman Chowdhury owned assets worth an estimated US$500 million worldwide.
Subsequently, courts in Bangladesh ordered the seizure and freezing of numerous properties and bank accounts linked to Saifuzzaman Chowdhury and his wife. The court orders included the freezing of 39 bank accounts, the seizure of shares, and the attachment of land owned by the family.