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Dubious Loan From AB Bank

ACC approves charge sheet against Rising Steel Mills’ directors

Published : Tuesday, 18 July, 2017 at 12:00 AM Count : 173
Jibon Islam

The Anti-Corruption Commission (ACC) has approved a charge sheet to be submitted against four top officials of Rising Steel Mills Ltd, including its managing director, in a graft case.
The Commission at its regular meeting on Monday approved a proposal for submitting the chargesheet against them, ACC Public Relations Officer Pranab Kumar Bhattacharya  told the Daily Observer on Monday.
Pranab said the charge sheet will be submitted before the court soon against managing director of the Steel Mills Amjad Hossain Chowdhury, its chairman Jamila Nazneel Mowla, and directors Jasim Uddin Chowdhury and Md Aslam Chowdhury.
The national anti-graft agency filed a case against them on Sunday with Double Mooring Police Station for allegedly swindling out Tk 325.76 crore from AB Bank's Agrabad branch in 2015.
In another case reported embezzlement of Tk 383.22 crore lent by the AB Bank to mobile phone operator City Cell in the country has left some senior bank officials including its Managing Director on the run.
The Anti-Corruption Commission (ACC) says it is investigating the alleged "fraud" with the scanner drawn on both the receiver of the loan and those who granted it.
Sources in the AB Bank and ACC told this correspondent, requesting anonymity, that the "accused" are passing days in fear of being arrested and prosecuted. The sources gave no further details.
The ACC filed a writ petition with Banani Police Station in Dhaka city against the Managing Director of City Cell Mehbub Chowdhury and other senior officials of the company on June 28.
Side by side, AB bank's incumbent Managing Director Moshiur Rahman Chowdhury, past MD and other 12 senior officers have also been named in the writ petition, sources said.
They are all passing days in panic and fear of arrest by police, an ACC source said. He said the investigation was proceeding satisfactorily.
Suvankar Shaha, Bangladesh Bank's Executive Director said the central bank has appointed an observer at the AB Bank to sniff out irregularities necessary action will be taken against the offenders, if any, at an appropriate time.
 Sources said the AB Bank is now facing an image crisis. After a long excellent banking record, it is now counting loss. The sources said most officials at the AB Bank were against advancing loan (to the City Cell) but some over enthusiastic persons cleared all objections to granting the huge credit that has been misappropriated.
However, no senior AB Bank official received phone calls made by this correspondent for comments.
AB Bank is a private sector bank in the country established in December 1981. This was the first joint-venture private bank in Bangladesh. On November 14 of 2007 Bangladesh Bank approved the name change to AB Bank from Arab Bangladesh Bank.

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