ACC prosecutes former Islami Bank MD Mowla, 3 others over ‘embezzlement’

He is accused of misappropriating funds meant for aid during the 2023 Eid-ul-Azha

The Anti-Corruption Commission (ACC) has brought charges against former managing director of Islami Bank Muhammad Munirul Mowla, along with three others, for allegedly misappropriating Tk 50 million from the bank’s Corporate Social Responsibility (CSR) budget.

ACC Director General Akhtar Hossain confirmed the development on Thursday.

He said the case was lodged by Assistant Director Mahmudul Hasan at the commission’s Integrated District Office, Dhaka-1.

The other accused are former deputy managing directors Miftah Uddin and Md Akiz Uddin, along with SM Sultan Ahmed, acting senior assistant vice president of the bank’s Gulshan branch.

According to the case documents, on Jun 25, 2023, Islami Bank’s Sustainable Finance Division allocated Tk 50 million to the Gulshan Corporate Branch. The fund was designated to provide food aid worth Tk 6,250 each to 8,000 vulnerable individuals -- including widows, the elderly, persons with disabilities, and homeless families -- on the occasion of Eid-ul-Azha.

But the ACC investigation found no evidence of distribution.

According to the anti-graft agency, no beneficiary lists, receipts, or signed documents were available. Instead, the money was unlawfully handed in cash to SM Jamal Uddin Russell, a representative of the then deputy managing director Akiz, with assistance from branch in-charge Sultan. The funds later reached Akiz through Jamal.

The ACC alleges that Mowla, Miftah, and Akij gave direct instructions for the unauthorised cash disbursement.

AM Shahidul Imran, the then acting SVP, and Moshtaq Ahmed, former head of the CSR division, were reportedly instructed to pressure the branch manager to release the funds.

Mowla was arrested in Dhaka’s Bashundhara Residential Area on the night of Jun 25.