Published:  12:42 AM, 15 May 2024

ACC sues ex UCB managing director over embezzlement charges

ACC sues ex UCB managing director over embezzlement charges
 
The Anti-Corruption Commission (ACC) on Monday filed a case against two people, including former United Commercial Bank Limited (UCB) Managing Director M Shahjahan Bhuiyan, on charges of embezzling Tk109 crore. ACC Assistant Director Abul Kalam Azad filed the case against Shahjahan Bhuiyan and Samir Proshad Dutta, proprietors of MS Dutta Traders, with its integrated district office in Bogura.

According to the case statement, Samir Proshad Dutta applied to the Bogura branch of the UCBL on February 1, 2010, for taking over a loan of Ms Dutta Traders in Bogura.

On the same day of his application, the UCBL Bogura branch sent the loan proposal to the head office, following the instructions of Shahjahan Bhuiyan.
Later on the bank approved Tk 49 crore takeover loans in favour of Dutta Traders within seven days without proper verification of any records of the loan.

The wealth worth only Tk 9.52 crore was accepted as subsidiary collateral against approval of the Tk 49 crore loans, according to the case statement.

On June 20, 2010, Samir applied to the bank to increase the loan limit from Tk 49 crore to Tk 58 crore by keeping an equivalent amount of Tk 13 crore as subsidiary collateral.

Following the instruction of Shahjahan Bhuiyan, the loan limit was increased to Tk 58 crore, violating the rules and regulations of the bank. Within six months, when the borrower failed to repay the loan, the bank was given the illegal benefit of allowing loan interest waivers several times, according to the case.

In this way, the accused embezzled Tk109 crore, including interests from the UCBL, during the period from February 1, 2010 to December 31, 2014.

ACC Deputy Director Md Akerul Islam said that the ACC approved the case against the two accused from its headquarters in Dhaka in the early part of this month.




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