Wednesday, 17 September, 2025
The Anti-Corruption Commission (ACC) has filed a case against former Land Minister Saifuzzaman Chowdhury, his wife Rukhmila Zaman, and 24 others, including senior officials of United Commercial Bank (UCB), accusing them of embezzling Tk 21 crore through a fraudulent loan scheme.
The case alleges that in January 2018, a shell company named Model Trading was established under the guise of an Aramit Group employee, Mohammad Misbahul Alam. The company obtained a trade license from Chattogram City Corporation and opened a current account at UCB's Karwan Bazar branch.
Subsequently, Model Trading applied for a Tk 30 crore short-term loan, supported by fabricated inspection reports and false financial statements. The loan file claimed the company held raw materials worth over Tk 84 crore in godowns across Chattogram and Sylhet—facilities that investigators later found did not exist.
The loan was approved despite internal objections from the bank's credit committee. Soon after, most of the funds were withdrawn in cash and deposited into accounts of Aramit Cement PLC and Aramit Thai Aluminium Ltd companies owned by Saifuzzaman Chowdhury and his wife Rukhmila Zaman.
The ACC has charged the accused under various sections of the Penal Code and the Money Laundering Prevention Act, including criminal breach of trust, forgery, fraud, and money laundering.
This case is part of a series of investigations into alleged financial misconduct involving Saifuzzaman Chowdhury and his associates. Earlier, the ACC filed similar cases accusing them of embezzling and laundering funds through fake businesses and fraudulent loans from UCB.
In addition to the domestic legal proceedings, Saifuzzaman Chowdhury is under investigation by the United Kingdom's National Crime Agency for alleged money laundering. Reports indicate that properties linked to him have been frozen in the UK.
The ACC's ongoing investigations aim to hold accountable those involved in the alleged financial misconduct and recover embezzled funds. Further legal actions are expected as the case progresses.
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The Anti-Corruption Commission (ACC) has filed a case against former Land Minister Saifuzzaman Chowdhury, his wife Rukhmila Zaman, and 24 others, including senior officials of United Commercial Bank (UCB), accusing them of embezzling Tk 21 crore through a fraudulent loan scheme.
The case alleges that in January 2018, a shell company named Model Trading was established under the guise of an Aramit Group employee, Mohammad Misbahul Alam. The company obtained a trade license from Chattogram City Corporation and opened a current account at UCB's Karwan Bazar branch.
Subsequently, Model Trading applied for a Tk 30 crore short-term loan, supported by fabricated inspection reports and false financial statements. The loan file claimed the company held raw materials worth over Tk 84 crore in godowns across Chattogram and Sylhet—facilities that investigators later found did not exist.
The loan was approved despite internal objections from the bank's credit committee. Soon after, most of the funds were withdrawn in cash and deposited into accounts of Aramit Cement PLC and Aramit Thai Aluminium Ltd companies owned by Saifuzzaman Chowdhury and his wife Rukhmila Zaman.
The ACC has charged the accused under various sections of the Penal Code and the Money Laundering Prevention Act, including criminal breach of trust, forgery, fraud, and money laundering.
This case is part of a series of investigations into alleged financial misconduct involving Saifuzzaman Chowdhury and his associates. Earlier, the ACC filed similar cases accusing them of embezzling and laundering funds through fake businesses and fraudulent loans from UCB.
In addition to the domestic legal proceedings, Saifuzzaman Chowdhury is under investigation by the United Kingdom's National Crime Agency for alleged money laundering. Reports indicate that properties linked to him have been frozen in the UK.
The ACC's ongoing investigations aim to hold accountable those involved in the alleged financial misconduct and recover embezzled funds. Further legal actions are expected as the case progresses.
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