Dhaka: The Anti Corruption Commission has initiated legal proceedings against eight executives from two private companies over allegations of fraudulent activities in obtaining loans through a tripartite agreement.
According to Bangladesh Sangbad Sangstha, the Anti Corruption Commission’s director general, Md Akter Hossain, revealed that the commission identified the involvement of SAF Finance and Investment Ltd and Mantrust Properties in securing loans twice using the same immovable property as collateral. This was allegedly achieved through mutual collusion between the parties involved.
“The disbursed loan of Tk 2.70 crore has escalated to Tk 6.59 crore as a default loan due to accumulating interest,” Md Akter Hossain stated. The case was filed following an investigation into the irregularities by ACC assistant director Pias Pal.
The individuals named in the lawsuit include Mantrust Properties Private Limited’s managing director Md Shah Alam, and several former officials of SAF Finance and Investment Ltd: principal officer Niaz Ahmed Farooqui, senior vice president and principal officer Md Shahidul Islam, additional managing director Md Nazrul Islam, managing director Md Mofiz Uddin Chowdhury, chairman Mohammad A Hafiz, and former directors Ujjwal Kumar Nandi, Md Jahangir Alam, and Md Siddiqur Rahman.
The ACC official indicated that the charges against the accused have been filed under sections 409, 420, and 109 of the Criminal Procedure Code (CrPC).