ACC prosecutes 25 including ex-minister Saifuzzaman for ‘embezzlement’

The former minister has allegedly used a shell company to loan Tk 210 million

The Anti-Corruption Commission has initiated a case against 25 people, including former land minister Saifuzzaman Chowdhury and his wife, alleging the embezzlement of Tk 210 million.

According to the case dossier, he allegedly set up a shell company named Model Trading in the name of an Aramit Group employee and submitted false information to United Commercial Bank (UCB) to secure the loan amount.

The graft agency’s Deputy Director Akhtarul Islam said the case was filed by Deputy Assistant Director Md Rubel Hossain at the ACC Integrated District Office Dhaka-1 on Tuesday.

The case statement also alleged that the loan funds were laundered abroad through various distributions, transfers, and cash withdrawals.

The money was reportedly used to pay into Saifuzzaman’s personal bank accounts and cover his personal expenses. When the original loan period ended, a new loan was allegedly approved in the name of another UCB customer to conceal the irregularities and reconcile the previous loan.

According to the ACC, the suspect abused their power through defrauding and forgery through collusion, which constitutes money laundering.