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The Anti-Corruption Commission (ACC) has approved a case against former Beximco Group chairman Salman F Rahman, his son Ahmed Sayan Fazlur Rahman and 23 others over alleged fraud, abuse of power, criminal breach of trust and misappropriation of hundreds of crores of taka from IFIC Bank.
The ACC approved the case after an investigation into alleged irregularities involving loan approvals and disbursements by IFIC Bank PLC, according to ACC media wing official Saidur Rahman Khan, who confirmed the development on Sunday (Sept 27).
Salman F Rahman was the former chairman of IFIC Bank, while his son Ahmed Sayan Fazlur Rahman served as a former vice-chairman of the bank. The other accused include former members of the bank’s board of directors, according to the ACC.
The commission alleged that Salman F Rahman, Ahmed Sayan Fazlur Rahman and the other accused acted in collusion and abused their positions to obtain bank funds through a company called Skymark International Limited.
According to the ACC, Skymark International Limited was an allegedly non-existent and nominal entity created on paper. The accused subsequently used the entity to secure bank loans without proper verification of its eligibility or adequate collateral, the commission alleged.
The ACC said the loan approvals and subsequent enhancements were made in violation of relevant Bangladesh Bank BRPD circulars and provisions of IFIC Bank’s Credit Risk Management (CRM) Policy-2017.
According to the commission’s findings, Tk538 crore 16 lakh 24 thousand 482 was disbursed through cash transfers and withdrawn from the bank and allegedly misappropriated.
The ACC said the financial impact on the bank was substantially higher when interest and other charges were taken into account. The total financial loss was estimated at Tk604 crore 69 lakh 65 thousand 476.03.
The commission also alleged that the accused subsequently took steps to conceal the source of the misappropriated funds. Large amounts of money were allegedly withdrawn and transferred in cash, prompting the ACC to identify preliminary evidence of money laundering.
The ACC said the alleged transactions involved multiple violations of laws governing banking operations, corruption and money laundering.
Based on its findings, the commission approved filing the case against Salman F Rahman, Ahmed Sayan Fazlur Rahman and the other 23 accused under Sections 409, 420 and 109 of the Penal Code.
The charges also include Section 5(2) of the Prevention of Corruption Act, 1947, and Section 4(2) of the Money Laundering Prevention Act, 2012.
The allegations are part of the ACC’s investigation and will be subject to the legal process and determination by the court.
