ACC to sue ex-land minister Saifuzzaman over Tk 1.41bn loan fraud

The anti-graft watchdog has found that a shell company was used to transfer money to non-existent suppliers

The Anti-Corruption Commission (ACC) is set to file three new cases against former land minister Saifuzzaman Chowdhury Javed and his wife Rukmila Zaman over the “embezzlement” of Tk 1.41 billion through "shell companies" and fraudulent bank transactions.

According to an investigation report by the anti-graft watchdog, the funds were syphoned off under the guise of raw material procurement for Aramit Cement PLC, a subsidiary of the Aramit Group.

The money was allegedly diverted to "fake" suppliers that existed only on paper.

ACC Director General Akhtar Hossain told bdnews24.com, "Around 30 cases have already been filed against the former land minister and his associates."

The investigation revealed a sophisticated scheme involving "Imperial Trading", a shell company purportedly owned by Abdul Aziz, who was actually an assistant general manager (AGM) at Aramit Group.

Despite having no physical office, warehouse, or actual business operations, Imperial Trading was used as a front to show fraudulent supply deals, the ACC investigation revealed.

Billions were disbursed through 54 "Bai-Murabaha" deals across multiple banks based on these fake invoices.

The commission noted that while the total approved loan limit for five Aramit Group companies at Islami Bank’s Jubilee Road branch was Tk 4.67 billion, the current outstanding balance has ballooned to Tk 5.88 billion.

Of this, Aramit Cement alone accounts for Tk 5.07 billion, shown as a classified loan.

Saifuzzaman served as the state minister for land from 2014 to 2018 and as the land minister from 2019 to 2023.

Ahead of the 2024 general election, reports emerged regarding his massive undisclosed wealth and properties abroad.

A special task force led by ACC Deputy Director Mashiur Rahman is currently investigating money laundering allegations against him.