ACC sues 6 over Tk 350 cr loan scam at AB Bank

The Anti-Corruption Commission (ACC) has filed a case against six individuals over allegations of fraudulently securing Tk 350 crore in loans from Gulshan branch of AB Bank.

The case was registered on Monday at the ACC’s Integrated District Office by Deputy Director Md Mostafizur Rahman, who filed the complaint on behalf of the agency.

The accused are Mohammad Ali Haider Ratan, managing director of Infratech Construction Ltd; Mohammad Ataur Rahman, managing director of Brand Share Trading; company director Md Mamunur Rashid; AB Bank Gulshan branch manager and senior vice president Ehtesham Haider Chowdhury; assistant vice president Md Alauddin Sarker; and senior officer Niaz Al Fayed.

According to the case statement, the accused, in collusion with each other, portrayed shell companies as large, credible entities and used fabricated information to obtain bank loans and facilities. They also approved and received performance guarantees in the name of other companies through irregular partnership agreements, bypassing banking rules and exposing the institution to significant financial risk.

The ACC alleges that the group unlawfully approved loan limits worth Tk 350 crore and attempted to embezzle funds through the issuance of a Tk 16.13 crore performance guarantee.

Charges have been filed under multiple sections of the Penal Code and Section 5(2) of the Prevention of Corruption Act, 1947.