A court in Chittagong has sentenced a businessman to 11 years of rigorous imprisonment in a case involving the embezzlement of over Tk47 crore and money laundering.
Judge Mizanur Rahman of the Chittagong Divisional Special Judge’s Court delivered the verdict on Sunday.
The convict, Gias Uddin Prokash Kusum, is the owner of Tanha Steel and a resident of the North Solimpur area in Sitakunda.
As Gias Uddin was absconding at the time of the announcement, the court has issued an arrest warrant against him. In the same case, another accused, Mohammad Nurunnabi, was acquitted as the allegations against him were not proven.
According to Mocarram Hossain, the public prosecutor for the Anti-Corruption Commission (ACC), the convict was sentenced to five years of rigorous imprisonment under Section 409 of the Penal Code and one year under Section 420, while an additional five-year term was handed down under Section 4 of the Money Laundering Prevention Act, 2012
The court further ordered the convict to pay a fine of Tk 47,49,73,885, equivalent to the total amount embezzled, with an additional year of imprisonment stipulated in default of payment
The ACC stated that the court reached this decision based on the evidence and testimonies provided by 12 witnesses.
Case records indicate that businessman Gias Uddin Kusum withdrew a massive sum of money through Letter of Credit (LC) facilities from the Jubilee Road branch of AB Bank. The prosecution alleged that the goods imported against the LC were sold or removed without the bank’s control, and the corresponding loan was never repaid.
The legal proceedings began nearly a decade ago when an AB Bank official filed the case on 13 March, 2014.
Following a lengthy investigation, the trial formally commenced on 7 November, 2021.
Relevant stakeholders observed that while LC fraud and loan embezzlement are not new to the banking sector, this exemplary verdict sends a significant message regarding the restoration of discipline in the financial industry.
However, experts have cautioned that preventing such fraudulent activities will remain a challenge unless bank supervision is strengthened and transparency in LC management is ensured
