Standard Bank's ex-MD sent to jail on Tk 4cr embezzlement charge

A Dhaka court has sent Mamun Ur Rashid, former managing director of Standard Bank Ltd, to jail in an embezzlement case.  

Dhaka Metropolitan Senior Special Judge Md Asaduzzaman issued the order on Sunday after Mamun surrendered to the court and sought bail.  

He faces charges of siphoning Tk 4 crore off the bank in a case started by the Anti-Corruption Commission (ACC) in February 2021. Seven others are also implicated in the case.

According to the case statement, the defendants used their positions to embezzle Tk 4 crore in the name of a secured overdraft loan for a fictitious microcredit-disbursing NGO and laundered the money later.   

The other defendants are Socheton Sahajjo Sangstha's Executive Director Jasmine Rashid, President Hasna Hena and General Secretary Nasreen Akter, along with Standard Bank's Additional Managing Director Md Tariqul Azam, former vice-president Md Aminul Islam, Senior Executive Officer Sheikh Mohammad Munsurul Karim, and former manager of the bank's Pragati Sarani branch Shoaib Mahmud Tuhin.

END/SZA