The Anti-Corruption Commission (ACC) has filed a case against Bashundhara Group Chairman Ahmed Akbar Sobhan and 16 others in connection with a massive loan scam, as part of its investigation into the interim government’s corruption. The allegation is that the 6 billion taka funded loan taken from the National Bank was embezzled through collusion without repaying it.
ACC Deputy Director Jahangir Alam filed the case at the Dhaka-1 district office on Tuesday. The accused include Sobhan’s two sons, Sadat Sobhan and Safiat Sobhan, as well as influential directors and top management officials of National Bank.
The ACC said that violations of rules, submission of false financial statements, insufficient collateral and verification of borrowers’ capacity were all part of serious irregularities in approving funded and non-funded loans worth a total of Tk 1,350 crore. The money was later transferred to various accounts and institutions and secretly reconciled.
The interim government has been investigating big business groups since coming to power. The Bashundhara family is already under investigation for alleged tax evasion, money laundering, and land grabbing. The family’s bank accounts have been frozen and foreign travel restrictions have been imposed by the relevant agencies.
The case has brought renewed attention to the financial opacity of large business entities and the long-standing weakness of supervision in the banking sector.