[🇧🇩] Corruption Watch

[Saif]

ACC prosecutes former land minister Saifuzzaman, wife for embezzlement of Tk 200m

The Anti-Corruption Commission (ACC) has filed a case against former land minister Saifuzzaman Chowdhury, his wife and former United Commercial Bank (UCB) chairperson Rukhmila Zaman, and 21 others for allegedly embezzling Tk 200m using a fake company. ACC Director General Akhtar Hossain confirmed

thefinancialexpress.com.bd

ACC prosecutes former land minister Saifuzzaman, wife for embezzlement of Tk 200m
FE Online Desk
Published :
Apr 17, 2025 21:29
Updated :
Apr 17, 2025 21:29

The Anti-Corruption Commission (ACC) has filed a case against former land minister Saifuzzaman Chowdhury, his wife and former United Commercial Bank (UCB) chairperson Rukhmila Zaman, and 21 others for allegedly embezzling Tk 200m using a fake company.

ACC Director General Akhtar Hossain confirmed the development to journalists on Thursday. The case was filed by ACC Deputy Director Mahfuz Iqbal, reports bdnews24.com.

According to the case statement, a non-existent company named Eminent Traders applied for a Tk 200m time loan from UCB’s Khatunganj branch on Feb 9 2020.

The bank proposed to approve the loan, despite the absence of proper verification, collateral, or insurance. Even though UCB’s Corporate Banking Division identified some irregularities, the bank’s board of directors approved the loan on Feb 16.

On Feb 23, the entire amount was deposited into Eminent Traders’ account. That same day, as well as the next, the money was funneled through 23 pay orders to three fake companies: Imperial Trading, Classic Trading, and Model Trading.

From there, the money ended up in an account of International Leasing and Financial Services Limited (ILFSL).

The loan was ultimately used to pay off installments for another loan taken by Aramit Cement Ltd. The company’s Managing Director Rukhmila Zaman and her husband Saifuzzaman Chowdhury were directly involved with this loan.

According to the ACC, Eminent Traders has no legal existence. It was used as a front for coordinated fraud and money laundering involving fake firms, negligence by bank officials, and abuse of power.

As of Oct 31 2024, the total outstanding amount including interest had reached Tk 326.9m.

Apart from Saifuzzaman and Rukhmila, the accused in this case include high officials of UCB, such as directors and managers, as well as the owners of Classic Trading, Eminent Traders, Imperial Trading, and Model Trading.

Earlier, in response to an ACC petition, a court ordered the seizure of Saifuzzaman’s shares worth Tk 1.02 billion, 128.04 hectares of land, and the freezing of 39 bank accounts.​

 

[Saif]

Wasteful projects in the name of Digital Bangladesh

For each centre, between one and five acres of land were acquired. However, such a large quantity of land was unnecessary.

en.prothomalo.com

Investigation committee report
Wasteful projects in the name of Digital Bangladesh

Arifur RahmanDhaka
Updated: 17 Apr 2025, 19: 31

Construction work for one information technology-related training centre in each of eight districts commenced in 2017. For each centre, between one and five acres of land were acquired. However, such a large quantity of land was unnecessary. This led to excess expenditure of Tk 13 crore (130 million) in land acquisition alone.

Each training centre comprises a six-storey building. These buildings are now awaiting inauguration. However, a two-storey structure would have sufficed. This resulted in an additional cost of Tk 110 crore (1.1 billion).

Now an uncertainty regarding the utilisation of these buildings has appeared due to the absence of trainers and required human resources.

The excessive expenditure in land acquisition and building construction under the project titled “Establishment (2nd Revised) of IT Training and Incubation centre” in eight districts has been reported by the investigation committee formed by the interim government.

These eight training centres, constructed at a cost of approximately Tk 534 crore (5.34 billion) are scheduled to be handed over to the Bangladesh Hi-Tech Park Authority by June.

Project Director (PD) Humayun Kabir informed Prothom Alo on 5 March that he had taken over the responsibility of this project one year ago.

He stated that those previously in charge would be able to explain why such large plots of land were acquired and why six-storey buildings were constructed.

Humayun Kabir, however, acknowledged that the acquisition of surplus land was evident.

Another project concerning information technology training was undertaken in 2020. Under this project, with a budget of Tk 837 crore (8.37 billion), IT training and incubation centres are being established in 14 districts. This project also involves the acquisition of more land than necessary and the construction of buildings with additional storeys.

The investigation committee noted that, thus far, Tk 252 crore (2.52 billion) has been spent. They also added that eliminating unnecessary expenditure could potentially save Tk 74 crore (740 million).

The wasteful spending is not limited to these two projects. The investigation committee has discovered instances of overspending in 19 other ongoing and completed ICT projects implemented during three consecutive terms (2009-2024) of the Awami League government.

In various cases, excessive funds were spent on purchases, website development, establishing academics, land acquisition and construction under the guise of project implementation.

Experts state that although there was substantial investment in the ICT sector during the Awami League’s tenure, the desired outcomes were not realised. In terms of ICT sector advancement, Bangladesh is far behind other nations with comparable economies.

A 12-member committee was formed on 28 August to evaluate ongoing and completed projects under the ICT Division implemented during the three terms of the Awami League government.

The committee is chaired by Mahbubur Rahman, Additional Secretary of the ICT Division, who is currently serving as Secretary of the Ministry of Commerce.

Mahbubur Rahman stated to Prothom Alo that the report has been submitted to the ICT Division. The report outlines various irregularities and inconsistencies observed in the projects.

According to data from the ICT Division, a total of Tk 19,020 crore (190.2 billion) was allocated for the implementation of 21 projects. Of this, just over Tk 5,000 crore (50 billion) has been spent. Between 2009 and 2024, five ministers and state ministers were in charge of the ICT Division. They are - Syed Abul Hossain, Mostafa Faruque Mohammed, Abdul Latif Siddique, Mustafa Jabbar and Zunaid Ahmed Palak.

Upon reviewing the projects, the investigation committee found that some included activities unrelated to their stated objectives. The committee recommended eliminating such unnecessary components from ongoing projects. Moreover, some projects included activities that do not fall under the purview of the ICT Division. The report estimates that removing these unnecessary items could save Tk 6,981 crore (69.81 billion).

On 5 March, ICT Division Secretary Shish Haider Chowdhury stated to Prothom Alo, “Due to irregularities in the projects, we have forwarded the investigation report to the Anti-Corruption Commission (ACC). The ACC is currently investigating the irregularities and corruption. Based on the committee’s recommendations, we have already discontinued several project components.”

Training centres without trainees

In 2022, the Bangladesh Hi-Tech Park Authority initiated a project aimed at fostering entrepreneurship in the ICT sector in 14 districts. The total budget for constructing training centres and incubation centres in these district headquarters was set at Tk 1,115 crore (11.15 billion).

Upon reviewing the investigation committee’s report, it was observed that despite the plan for district-level implementation, five of the centres are being built in upazilas.

These include Madhupur in Tangail, Parshuram in Feni, Kashiani in Gopalganj, Debiganj in Panchagarh and Nawabganj in Dhaka. The remaining nine are being constructed in district headquarters.

The committee argues that establishing training centres at the upazila level lacks justification and is being carried out for unfair political considerations. Moreover, no provision has been made for hiring trainers.

For each centre, one to seven acres of land were acquired, despite one acre being sufficient. Buildings of up to seven storeys are being constructed. According to the investigation committee, two or three-storey buildings would have sufficed. The report states that Tk 437 crore (4.37 billion) could have been saved by avoiding construction of unnecessary floors while Tk 41 crore (410 million) was wasted on excess land acquisition.

Since 5 August, the project has been overseen by Mohammad Saiful Hasan who told Prothom Alo on 11 March that, based on current requirements, buildings with three, four or five storeys will now be constructed instead of seven-storey buildings. Additionally, construction of the training centres in Nilphamari Sadar, Sherpur Sadar, Parshuram and Kashiani has been cancelled. A new design will now be required.

In 2017, a separate project was initiated to establish IT parks in 12 districts with Indian financial assistance. The project was estimated to cost Tk 1,846 crore (18.46 billion). The investigation committee observed that at least four of these parks lacked justification. If unnecessary allocations are removed, Tk 1,340 crore (13.4 billion) could be saved.

Website named “Hasina and Friends”

A project titled Innovation Design and Entrepreneurship Academy (IDEA) was undertaken in 2016 with an allocation of BDT 443 crore. Under this project, a website named Hasina and Friends (www.hasinaandfriends.gov.bd) was developed, with a budgetary provision of approximately BDT 20 crore. Of this, BDT 18 crore was reportedly expended.

The investigation committee has deemed the website to be unnecessary and has recommended its cancellation. As of 10 March, attempts to access the website were unsuccessful. According to the ICT Division, the website has been discontinued.

AKM Fahim Mashroor, Chief Executive Officer of BDJobs told Prothom Alo on 11 March that the website appeared to have been developed merely to appease certain individuals.

He added that such a website would ordinarily cost BDT 1 to 2 crore, indicating that the expenditure incurred was highly irregular.

Under the same project, BDT 65 crore was allocated for a digital transaction gateway titled ‘Binimoy Payment’ of which BDT 44 crore has been spent. The investigation committee has noted that since the gateway is not operational, the remaining BDT 21 crore could be recovered.

The Binimoy platform, launched in 2022, was designed to facilitate inter-transactions among banks, mobile financial services (MFS) PSPs. It was intended to enable seamless transactions from one MFS account e.g., bKash to Rocket, or Rocket to mCash or to bank accounts.

At a programme held on 29 January, Bangladesh Bank Governor Ahsan H. Mansur stated that the Binimoy platform, intended for mobile financial services interoperability, had been operated by a shell company owned by the former Prime Minister’s son, Sajib Wazed Joy.

He added that placing the platform under the purview of the ICT Ministry was a major obstacle to its advancement.

Additionally, the investigation committee has raised concerns regarding an allocation of BDT 19 crore for organising the Bangabandhu Innovation Grant.

Unused 164 mobile game

In 2016, the previous government launched a project titled Skill development for mobile game and application projects with a budget of BDT 330 crore. According to the investigation committee, the project resulted in the development of 164 mobile games and 102 mobile applications. These activities were deemed inappropriate for a government project and most of the developed content is currently not in use. All games and applications were procured from vendors, with none developed under direct project supervision.

The investigation committee has concluded that approximately BDT 146 crore was squandered under this project through the production of 11 animated features, holographic visuals, VR films, mobile games and applications.

In another project approved in 2019 with a budget of BDT 167 crore, the committee identified several unnecessary expenditures, including the purchase of computer software. It has been estimated that BDT 17 crore could be saved from this initiative.

Excessive spending on training

In 2022, the Bangladesh Computer Council (BCC) initiated a project worth BDT 2,541 crore aimed at fostering an enabling environment for digital governance and a digital economy. However, the expenditure allocations under the project have been described by the investigation committee as arbitrary. For instance, BDT 103 crore was allocated for training of 10,000 government employees, and BDT 21 crore for consultancy services. The committee has raised questions regarding the reasonableness of these expenditures. As of now, BDT 376 crore has been spent under the project.

The investigation committee has said that the cancellation of unnecessary allocations could save as much as BDT 1357 crore.

Project without loan agreement

In 2021, the ICT Division launched a project titled Establishing Digital Connectivity with a proposed expenditure of BDT 5,923 crore. Of this, BDT 2,505 crore was to be funded by the Government of Bangladesh, with the remaining amount expected to be financed through a loan from the Government of China. The project aimed to provide 190,244 broadband internet connections to various educational institutions and public and private organisations.

However, the project was initiated without finalising a loan agreement with China. The investigation committee has stated that providing internet connectivity does not fall within the core responsibilities of the ICT Division. Furthermore, since no formal loan agreement was executed, the project may be considered for cancellation. The committee concluded that excluding unnecessary components could potentially save BDT 4,075 crore and that the amount already spent constitutes a waste of public funds.

Frontier Institute in Shibchar

In 2022, a project worth BDT 1,534 crore was undertaken to establish a specialised institute in Shibchar, Madaripur, named the Bangladesh Institute of Frontier Technology, Shibchar, Madaripur. Under this project, 70 acres of land were acquired at a cost of approximately BDT 200 crore.

The investigation committee has noted that such a large area of land was unnecessary and deemed the acquisition an example of misappropriation of public funds. The report further states that establishing such a specialised institution at the upazila level lacks justification.

Additionally, BDT 15 crore has been allocated for the construction of facilities such as a nine-storey building, commercial centres, officers’ quarters, a Bangabandhu Digital Corner and tennis court etc. expenditures which the committee has categorised as wasteful. By eliminating non-essential activities, a saving of BDT 50 crore could be achieved.

Multifaceted looting has occurred

Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB) told Prothom Alo that the ICT sector has experienced multifaceted looting over the past 15 and a half years.

He noted that although the former government promoted slogans such as ‘Digital Bangladesh, Smart Bangladesh’, the substantial investments made in the sector have not yielded the expected outcomes.

Expressing the need to take action, Iftekharuzzman said that those involved in formulating and approving such projects must be held responsible.

He added that a strong message must be sent for the future to avoid practices in the ICT sector.​

 

[Saif]

'Tackling corruption in SNP could save half of govt spending'

Tackling corruption and inefficiency in the Social Safety Net Programme (SNP) could save half of the government’s spending in this sector, said Planning Adviser Dr Wahiduddin Mahmud. He stated that, half of the individuals currently receiving benefits of SNP meant for the poor are not actual

thefinancialexpress.com.bd

'Tackling corruption in SNP could save half of govt spending'
FE ONLINE REPORT
Published :
Apr 20, 2025 19:25
Updated :
Apr 20, 2025 19:25


Tackling corruption and inefficiency in the Social Safety Net Programme (SNP) could save half of the government’s spending in this sector, said Planning Adviser Dr Wahiduddin Mahmud.

He stated that, half of the individuals currently receiving benefits of SNP meant for the poor are not actually poor.

“If this issue were addressed, the saved funds could either be redirected or used to double the allowances for the deserving beneficiaries,” the adviser said.

He made these remarks on Sunday responding a question at a press briefing following the meeting of the Executive Committee of the National Economic Council (ECNEC) at the NEC auditorium in the capital.

The meeting presided over by Chief Adviser Dr Muhammad Yunus approved a project titled “Strengthening Social Protection for Improved Resilience, Inclusion and Targeting(SSPIRIT)” with an estimated cost of Tk 9.04 billion.

The World Bank-supported project will allocate Tk 3.15 billion for administrative costs to facilitate a cash transfer program worth Tk 5.89 billion, benefiting 4.5 million recipients.

For every Tk 100 transferred under the project, approximately Tk 54 will be required for operational expenses.

Additionally, the project has proposed over Tk 1.94 billion for consultancy services, with some earning as much as Tk 600,000 per month.

The advisor said that, a significant portion of the funds allocated to the social security sector cannot truly be considered as part of social security.

“The government spends a large sum on various programmes such as allowances for the elderly, freedom fighters and the disabled. If so much money is being spent on administration, what is actually reaching those in need?” he said.

The advisor also acknowledges that, this problem has persisted for years. “In my own research, I have found that at least 50 per cent of the people receiving these allowances should not be beneficiaries.”

The advisor blamed the development partners behind the high consultancy costs and said, “When foreign loans are taken, they often come with consultants, many of whom are not actually qualified for the tasks at hand.”

“I have witnessed this pattern throughout my career and have fought against it. However, this particular project is less problematic, as we are introducing a social registry for the first time,” the advisor concluded.​

 

[Saif]

Saifuzzaman, Nafeez, 70 others own Dubai properties: ACC

The Anti-Corruption Commission has identified 72 individuals, including former land minister Saifuzzaman Chowdhury and former Padma Bank chairman Chowdhury Nafeez Sarafat, in connection with alleged money laundering and offshore property acquisitions in Dubai of the United Arab Emirates...

www.newagebd.net

Saifuzzaman, Nafeez, 70 others own Dubai properties: ACC
Solamain Salman 23 April, 2025, 23:36

The Anti-Corruption Commission has identified 72 individuals, including former land minister Saifuzzaman Chowdhury and former Padma Bank chairman Chowdhury Nafeez Sarafat, in connection with alleged money laundering and offshore property acquisitions in Dubai of the United Arab Emirates.

The commission identified the names of the 72 Bangladeshis who are among the 459 Bangladeshis linked to the purchase of 972 properties in Dubai under ‘Golden Visa’ schemes.

A three-member ACC inquiry team led by its deputy director Ram Prasad Mondol is conducting a probe into allegations of amassing illegal wealth and laundering money to different countries and then purchasing the 972 properties in Dubai.

As part of the inquiry, the ACC identified the 72 individuals and on April 16, the inquiry team sent a letter to the National Board of Revenue to provide detailed tax records, including e-TINs and income tax returns of the 72 people.

The commission requested the NBR to take necessary measures for giving the information to the ACC by April 29.

Although the letter refrains from listing official designations or full identities of the persons, the names include several influential businesses, politicians and former ministers.

The ACC officials said that funds were siphoned off to Dubai through Swiss and other foreign banks, and were used to purchase the high-value properties.

About the letter to NBR seeking information regarding the 72 people, ACC director general (prevention) Md Akhtar Hossain said that the inquiry officer could seek any necessary documents from any government agencies for the sake of a proper probe.

He also said that the commission would take its next course of action based on the inquiry report.

The other names on the list are Ahsanul Karim, Anjuman Ara Shahid, Hefzul Bari Mohammad Iqbal, Humaira Selim, Zuran Chandra Bhowmik, Md Rabbi Khan, Md Golam Mostafa, Mohammad Oliur Rahman, SA Khan Ikhtekharuzzaman, Syed Fahim Ahmed, Syed Hasnain, Syed Mahmudul Haque, Syed Ruhul Haque, Golam Mohammad Bhuiyan, Haji Mostafa Bhuiyan, Manoj Kanti Pal, Md Iftekhar Uddin Chowdhury, Md Mahbubul Haque Sarkar, Md Selim Reza, Mohammad Ilias Bazlur Rahman, SU Ahmed, Shehtaz Munshi Khan, AKM Fazlur Rahman, Abu Yusuf Md Abdullah, Gulzar Alam Chowdhury, Hasan Ashiq Taimur Islam, Hasan Reza Mohidul Islam, Khaled Mahmud, M Sajjad Alam, Mohammad Yasin Ali, Mustafa Amir Faisal, Syed Mizan Md Abu Hanif Siddiqui, Sayeda Durrak Sinda Zara, Ahmed Ifzal Chowdhury, Farhana Monem, Farzana Anjum Khan, KH Mashiur Rahman, MA Salam, Md Ali Hossain, Mohammad Imdadul Haque Bhorsa, Mohammad Imran, Mohammad Rohen Kabir, Manzila Morshed, Mohammad Sanaullah Chowdhury, Mohammad Sarful Islam, Syed Rafiqul Alam, Anisuzzaman Chowdhury, Rifat Ali Bhuiyan, Salimul Haque Isa or Hakim Mohammad Isa, Syed AK Anwaruzzaman or Syed Kamruzzaman, Syed Salman Masud, Syed Saimul Haque, Abdul Hai Sarkar, Ahmed Samir Pasha, Fahmida Shabnam Chaiti, Md Abul Kalam, Fatema Begum Kamal, Mohammad Al Ruman Khan, Maynul Haque Siddiqui, Munia Awan, Sadiq Hossain Md Shakil, Abdullah Mamun Maruf, Mohammad Arman Hossain, Mohammad Shawkat Hossain Siddiqui, Mustafa Jamal Naser, Ahmed Imran Chowdhury, Billal Hossain, MA Hashem, Mohammad Main Uddin Chowdhury, and Natasha Noor Mumu.

Earlier, on April 16, 2023, the ACC had sent letter to the Bangladesh Financial Intelligence Unit of the Bangladesh Bank and the Ministry of Foreign Affairs seeking information over the allegations.

On April 10, 2023, a three-member inquiry team was formed to probe the allegations of laundering money by Bangladeshi people to Dubai.

The probe was prompted by a Supreme Court directive issued on January 16, 2023, ordering an inquiry into overseas property acquisitions by Bangladeshi nationals in Dubai.

The property purchase in the Gulf state — with presumably laundered money — came to the fore after the Centre for Advanced Defence Studies, a Washington DC-based non-profit organisation, published a working paper in May 2022.

A total of 459 Bangladeshis purchased 972 properties in Dubai worth $315 million without disclosing information, the report said.

There are allegations that people from various professions, including politicians, businesspeople, bureaucrats and police officials laundered abroad a huge amount of money during different tenures of the Awami League government between 2009 and 2023.

The money launderers made their fortunes abroad and purchased properties, established business entities, and invested in second homes in different countries.

After the fall of the autocratic AL government amid a student-led mass uprising on August 5, 2024, the ACC took a fresh move to conduct inquiry into allegations of money laundering and bring back the laundered money.​

 

[Saif]

ACC scrutinising graft allegations against APS, PS of two advisers

The Anti-Corruption Commission is scrutinising the corruption allegations surfaced against private secretaries and assistant private secretary of two advisers of the interim government, ACC officials said.

www.newagebd.net

ACC scrutinising graft allegations against APS, PS of two advisers
Staff Correspondent 24 April, 2025, 21:34

Front view of Anti-Corruption Commission head office in Dhaka. | File photo

The Anti-Corruption Commission is scrutinising the corruption allegations surfaced against private secretaries and assistant private secretary of two advisers of the interim government, ACC officials said.

It was reported in a Bangla daily that a former assistant private secretary of youth and sports ministry adviser Asif Mahmud Shojib Bhuyain and a former and a serving private secretaries of health adviser Nurjahan Begum were allegedly involved in corruption.

An ACC official told New Age that the commission collected the report published by the Bangla daily on Thursday regarding graft allegations against the APS and the PSs of the two advisers, and the report was sent to the scrutiny cell of the commission.

When asked, ACC director general (prevention) Md Akhter Hossain said that the commission would take appropriate action in accordance with law regarding the corruption allegations against the APS and the PSs of the two advisers.

Speaking at a press briefing at the ACC headquarters in the capital Dhaka on Thursday, Akhter assured that the commission was aware of the allegations and would proceed based on legal procedures.

According to the Bangla daily report, Asif Mahmud’s former APS Md Moazzem Hossain was accused of lobbying, and similar allegations were made against the health adviser’s personal secretaries Tuhin Farabi and Mahmudul Hasan.

Amid graft allegations, Moazzem and Tuhin have been relieved of their posts, and a government order was issued on April 21, relieving Moazzem Hossain and Tuhin Farabi, said the report.

It said Moazzem allegedly embezzled a huge amount of money through recruitment and transfer business, tender business and rehabilitation of engineers who were allies of fascism at various levels.

It was alleged that Moazzem, a leader of the anti-discrimination movement, lobbied for the transfer and promotion of almost all grades of officials from chief engineer and additional chief engineer to upazila engineer of the local government engineering department.

In addition, he used to go around lobbying various ministries and departments. Especially in the home, water resources, housing and public works department and roads and highways department, he lobbied for contractors to get work.

Almost the same allegations were made against health adviser Nurjahan Begum’s personal officer (student representative) Tuhin Farabi and Md Mahmud. Since they were appointed on a temporary basis, they have allegedly embezzled hundreds of crores of taka through the appointment and transfer of doctors, medical college principals, directors, deputy directors, and civil surgeons, according to the report.

It is also known that they had lobbied to include the names of senior staff nurses, midwives, pathology technicians, nurses, and doctors in the Hajj team while there are allegations against them of extorting special benefits from health sector contractors.

Moazzem, however, told the media that he was not removed. He resigned from his post due to personal reasons.

He claimed that he had a viva voce examination in the Public Service Commission next month while he was also preparing to give a viva in an examination of the Bangladesh Bank. For these reasons, he resigned, he claimed.

On the other hand, after August 8, 2024, Tuhin Farabi and Mahmudul Hasan transferred several doctors through the former health secretary.

They allegedly took Tk 5 lakh to Tk 10 lakh for each transfer.

The two allegedly used to collect Tk 15 lakh to Tk 25 lakh for the appointment and transfer of the principal, director, deputy director, and civil surgeon of the medical college, said the report.

In addition, they used to collect Tk 2 lakh for the transfer of each senior staff nurse and midwife.

They are accused of taking money to include the names of nurses and doctors in the Hajj team.​

 

[Saif]

Midland Bank refutes BCB statement on Tk 2.5 billion fund transfer

Midland Bank has rejected a statement titled “BCB’s Explanation Regarding the Transfer of BDT 250 Crore by Faruque Ahmed” released by the Bangladesh Cricket Board (BCB). The BCB statement contains “misleading and baseless information” about the bank, it said in a rejo

thefinancialexpress.com.bd

Midland Bank refutes BCB statement on Tk 2.5 billion fund transfer
FE ONLINE DESK
Published :
Apr 27, 2025 21:40
Updated :
Apr 27, 2025 21:40

Midland Bank has rejected a statement titled “BCB’s Explanation Regarding the Transfer of BDT 250 Crore by Faruque Ahmed” released by the Bangladesh Cricket Board (BCB).

The BCB statement contains “misleading and baseless information” about the bank, it said in a rejoinder on Sunday.

The following is the rejoinder verbatim:

On April 26, 2025, BCB issued a press release titled “BCB’s Explanation Regarding the Transfer of BDT 250 crore by Faruque Ahmed,” which included misleading and baseless information about Midland Bank. Midland Bank strongly protests and condemns this.

The published report, quoting BCB’s statement, mentioned: "Prioritizing the protection of financial interests, the BCB Board has re-evaluated its banking relationships and decided to transact only with financial institutions listed under Bangladesh Bank's 'Green' and 'Yellow' zone. An amount of BDT 250 crore was withdrawn from banks categorized as risky, and BDT 238 crore was reinvested into banks listed in the 'Green' and 'Yellow' zone."

It is important to note that, according to various newspaper reports (reference: The Daily Star, date: 11.03.2024), Midland Bank is one of the eight banks designated under the 'Green' zone by Bangladesh Bank, as reported in the newspapers. Despite being classified as 'Green,' as per the news reports, BCB withdrew its deposits from Midland Bank before the maturity date (through premature encashment) and transferred them to various banks.

Notably, according to the cited report, Midland Bank is the only fourth-generation bank included in the 'Green' list. Midland Bank maintains a satisfactory position across all financial indicators, including capital adequacy, asset quality, profitability, and management efficiency, and operates with the highest financial discipline as per Bangladesh Bank and all regulatory regulations.

The publication of BCB's press release has harmed the image of Midland Bank, which is unfortunate. The deposit placed by BCB with Midland Bank was returned immediately upon BCB’s request, even before maturity, demonstrating the strength and financial capability of Midland Bank. As on December 31, 2024, NPL Ratio of the Bank was 3.78 per cent and Capital Adequacy Ratio was 16.78 per cent, much higher than the minimum required ratio of 12.50 per cent.

BCB’s explanation also indicated that restructuring banking relationships resulted in increased profits from term deposits. Recently, several media reports have highlighted incidents where customers were unable to retrieve their deposits from various banks, often after placing funds in risky institutions in hopes of higher returns. Such issues have been reported widely. In contrast, Midland Bank consistently manages its funds prudently, ensuring that customers can withdraw their deposits at any time without notice.

In light of the above, as one of the most reputable media outlets in the country, we respectfully request that you: Recognize that the information regarding Midland Bank in BCB's press release titled "BCB’s Explanation Regarding the Transfer of BDT 250 Crore by Faruque Ahmed" is false and misleading.

Retract the false and misleading information regarding Midland Bank and publish a corrected report clearly stating the bank’s true status as a well-organized financial institution listed under the 'Green' zone, as reported in the newspapers.

Exercise special caution to verify and ensure the accuracy of information before publishing any future news related to Midland Bank.​

 

[Saif]

ACC asks BCB for information on Papon over graft charges

The Anti-Corruption Commission (ACC) is investigating allegations of corruption against former Bangladesh Cricket Board (BCB) president and MP Nazmul Hassan Papon. The anti-graft watchdog’s spokesman Akhtarul Islam said a letter was sent to the board as part of the inquiry on Monday, reports

thefinancialexpress.com.bd

ACC asks BCB for information on Papon over graft charges
Published :
Apr 28, 2025 22:56
Updated :
Apr 28, 2025 22:56

The Anti-Corruption Commission (ACC) is investigating allegations of corruption against former Bangladesh Cricket Board (BCB) president and MP Nazmul Hassan Papon.

The anti-graft watchdog’s spokesman Akhtarul Islam said a letter was sent to the board as part of the inquiry on Monday, reports bdnews24.com.

Another senior official said the letter had sought 27 types of information and documents. The BCB was asked to deliver them within seven workdays.

Papon, the former minister for youth and sports and managing director of Beximco Pharmaceuticals, is accused of accumulating “huge assets beyond known sources of income” at home and abroad by misusing the BCB and government funds.

The anti-corruption watchdog also alleges that he has laundered money abroad through Hundi in connivance with Beximco Pharmaceuticals officials.

The ACC officially launched an investigation against Papon on Mar 18 following the shift of the political landscape.

The commission’s Director General Akhtar Hossain told the media then that Papon had been accused of embezzling money through corruption during his tenure as BCB president.

Earlier on Mar 16, the court issued a travel ban on Nazmul, his wife Roksana Hassan, daughters Sunehra Rahman, Rushmila Rahman and son Rafsan Hassan.

In mid-March, the commission formed a three-strong probe team with its Deputy Director Md Saiduzzaman as the team leader. The other members of the panel are Assistant Director Monirul Islam and Deputy Assistant Director Subimal Chakma.​

 

[Saif]

ACC launches enforcement drives across 36 LGED offices

The drives began today around 10:00am

www.thedailystar.net

ACC launches enforcement drives across 36 LGED offices

File photo

The Anti-Corruption Commission (ACC) launched simultaneous enforcement drives across 36 offices of the Local Government Engineering Department (LGED) today, including its headquarters, in response to allegations of corruption and irregularities.

The allegations include the use of substandard construction materials in rural road and bridge or culvert projects, failure to maintain work quality, embezzlement of allocated funds through fake or minimal work, and various other misconducts.

The drives began today around 10:00am, according to Atharul Islam, Public Relations Officer of the ACC.

A press release issued by the ACC said that a total of Tk 1,909 crore had been allocated for post-flood rehabilitation in six districts of the Chattogram division—Feni, Noakhali, Cumilla, Lakshmipur, Chattogram, and Brahmanbaria.

Of this, Tk 1,647 crore is funded by the World Bank, while the remaining portion is to be borne by the Government of Bangladesh. However, the ACC received allegations of abnormal pricing of various items even before the project activities officially began.

The complaint noted that the price of each solar street light was set at Tk 72,000, despite the Planning Commission's statement that such lights were unnecessary.

Similarly, although 60 motorcycles were proposed, the Planning Commission instructed the number be reduced to 36.

Moreover, the reported expenses for laptops, computers, and various educational materials were deemed excessively high, particularly the proposed expenditure of Tk 11 lakh for just four laptops, which drew special attention.

Papon Kumar Saha, assistant director of the ACC and head of the raid team at the LGED headquarters, said the ACC team collected relevant project documents during the raid. These documents will be scrutinised and a detailed report will be submitted to the commission.

Meanwhile, The Daily Star's correspondent from Tangail reported that the ACC team led by its' Assistant Director Md Nur Alam raided the district's LGED office and found some irregularities in different works at Kalihati, Madhupur, Bhuiyanpur and Sakhipur upazilas.

Legal steps will be taken after further investigation, Md Nur Alam told journalists after the raid.

In Kurigram, the ACC team raided upazila LGED office, scrutinised different documents and talked to local people.

Mizanur Rahman Chowdhury, deputy director of the ACC's Kurigram Integrated District Office, led the drive.

Contacted, Mizanur, however, did not disclose whether they found any irregularities or not.

Information will be disclosed after further investigation, he told The Daily Star.

In Patuakhali, a team from the ACC inspected a road construction site in Dharandi village under the Sadar upazila, following allegations of using substandard materials.

They measured the completed portion of the road and collected samples of construction materials to verify whether they met project specifications.

[Our correspondents from Tangail, Lalmonirhat, and Patuakhali contributed to the report]​