TK 110 CRORE EMBEZZLEMENT : ACC okays charge sheet against Bismillah Group

Staff Correspondent

The Anti-Corruption Commission on Thursday approved a charge sheet against 14 people, including Bismillah Towels Group managing director Khaza Solaiman Anwar Chowdhury, on charge of embezzling around Tk 110 crore from the Shahjalal Islami Bank.
The other accused in the case are — managing director of Network Freight System Limited and owner of Banglus Middle East FZE, UAE, Nowrin Hasib, also chairman of Bismillah Towels and director of Network Freight System Limited, Bismillah Towels directors Abida Hasib, Nahid Anwar Khan, Khandekar Muhammad Moinuddin Ishaq and Begum Sarwar Jahan, also mother of Khaza Solaiman, Akbar Aziz Muttaqui, deputy managing director of Bismillah Towels, and director of Network Freight System, M Abul Hossain Chowdhury, senior manager of Bismillah Towels, M Akter Hossain, chairman of Network Freight System, Riaz Uddin Ahmed manager, M Aslamul Haque, suspended manager of Shahjalal Islami Bank’s Eskaton branch, ASM Hasanul Kabir, former deputy manager of SIBL, Mannatul Mawa, former junior assistant vice-president of SIBL, and M Sahidul Islam, former senior executive of SIBL.
The bank filed the case with Ramna police on March 29, 213 under the Money Laundering Prevention Act-2012.
Later, the commission investigated the issue starting April 2013, an ACC official told reporters.
According to ACC’s findings, Bismillah Towels illegally embezzled the money in collusion with the former branch manager Aslamul Haque and three other officials.
The manager of the bank branch, Aslamul Haque, illegally allowed Bismillah Towels Limited to open back-to-back letter of credit against sales contract without the master letter of credit, the probe findings read.
Bismillah Towels drew about Tk 240 crore from the bank branch from October 2011 to Jun 2012, undermining the whole process of banking, it said.
Later, Bismillah Towels showed that about Tk 130 crore was adjusted as export price.
The findings read that Shahjalal Islami Bank’s head office instituted several investigations out of suspicion that the credit was provided on flimsy grounds and it would be difficult to realise it.
The ACC probe found Bismillah Towels provided a sales contract signed with International Trading Company, USA, which had no address.
No importer could be located from the sales contract as it does not provide the designations of the persons who had signed the contract on behalf of International Trading Company, USA.
The commercial invoice showed Banglus Middle East FZE, UAE and Banglus Singapore as the notifying party representing International Trading Company, USA, the findings read.
Shahjalal Bank found out that the owner of Banglus Middle East FZE, UAE Khaza Solaiman is also managing director of Bismillah Towels Limited.
The report said the then manager of the Eskaton branch of Shahjalal Islami Bank sanctioned the credit without scrutinising the loan documents of Bismillah Towels.
It said Bismillah Towels submitted 119 false shipping documents to the bank branch as an exporter of products.
Bismillah Towels prepared the false documents at the office of two Chittagong-based companies – TW Express and Faridpur Shipping Line.
Shahjalal Bank’s inspection team also found out that Network Freight System, a sister concern of Bismillah Towels, issued fake house bills of lading, the commission findings read.
According to the first information report, the forgery was uncovered during a review of the export general manifest with Chittagong Custom House.

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