The Anti-Corruption Commission (ACC) has started investigating embezzlement of hundreds of crores of taka of Pubali Bank by forming a strong syndicate.
The ACC has launched an inquiry into Pubali Bank Chairman, Manzurur Rahman and Managing Director and CEO Mohammad Ali over alleged embezzlement of Tk 211 crore and laundering the money through a syndicate.
At least five directors led by the bank Chairman, Manzurur Rahman and the MD and CEO Mohammad Ali has been looting the bank for a long time.
The ACC has formed a probe team to investigate the allegations, a reliable ACC source confirmed the matter to The daily Observer.
This correspondent obtained a letter issued by ACC Director Khairul Haque on Monday, stating that Md Hafizur Rahman, Assistant Director of ACC's Dhaka-1 office, has been appointed as the investigation officer.
A senior ACC official said a notice will soon be sent to aforesaid top officials of the Pubali Bank for questioning over alleged irregularities.
Last September, Farhad Hossain, on behalf of the employees of the bank, filed a complaint with the ACC against Chairman Manzurur Rahman, MD Mohammad Ali, former Chairman Hafiz Ahmed Majumder and Directors Fahim Ahmed Faruk and Khabiruzzaman Yaqub, attaching media reports as evidence.
According to the report, Pubali Bank spent an additional Tk 211 crore through a single branch on purchase of dollars from exchange houses at rates higher than the set rates.
The bank purchased dollars at rates ranging from Tk 113 to Tk 123.60 when the rates were set at Tk 109 to Tk 110.50 per dollar, according to an investigation by the Bangladesh Bank.
With this, the bank wasted Tk 5.28 crore of government funds provided as a 2.5 per cent incentive on top of additional amounts.
Additionally, the bank charged customers extra on import bills, collecting additional Tk 148 crore from importers. From April 2022 onwards, dollar crisis was created due to declining remittance inflows and increasing import liabilities. Consequently, banks began offering different rates for remittance, imports and exports.
According to ACC sources, Delta Life Insurance Company owns more than seven per cent of the Pubali Bank shares. The current Chairman, Manzurur Rahman, embezzled a total of Tk 3,687 crore including Tk 1,141 crore of deposits of 25 lakh customers of Delta Life Insurance Company.
Manzurur Rahman himself, wife Suraiya Rahman, daughter Adiba Rahman, son Ziad Rahman, other daughters Saika Rahman and Anika Rahman have been appointed as directors. Manzurur Rahman 's daughter Adiba Rahman was given the post of Chief Executive Officer.
Ratan Chakma, the other partner, on behalf of employees and officers of Delta Life, filed a case with Banani Police Station on November 28. In the case, the mentioned persons have been accused of misappropriating Tk 3,687 crore in Delta Life Insurance through various manipulations.
