The Anti-Corruption Commission (ACC) has prosecuted a sacked manager of Sonali Bank and three others for embezzling Tk 600 million which they borrowed from the bank in the name of offshore trading.
M/S Daiyan Fashions Limited Chairman Syeda Sahela Muntasir, Managing Director Abu Naser Tawab, Mosammat Rahatun, who is a customer of the bank, and manager of Sonali Bank’s Narayanganj Foreign Exchange Branch Md Abdus Samad were charged in the case filed by district ACC Deputy Assistant Director Wahid Manjur Sohag.
According to the case, the accused “abused their influence to breach the rules of the bank” to acquire the loan despite not ensuring the stock of imported raw materials, which exceeded the limit and had expired, reports bdnews24.com.
It added that they disbursed the loan “without approval from the higher authorities” and did not reach out to a foreign bank to settle the payment. The branch manager opened a letter of credit, or LC, “beyond his authority” and re-created forced loan, though the client had forced loan liability.
By opening an LC and re-creating forced loan, the suspects were able to borrow Tk 195 million showing previous loans settled. The amount stood at Tk 604 million along with interests, the case documents said.
The four were charged under Section 409/109 of the Penal Code and Sector 5(2) of the Prevention of Corruption Act 1947.
