Trial begins over Tk 240m ‘embezzlement’ against S Alam, PK Halder, 11 others

A Dhaka court on Wednesday ordered the commencement of trial against S Alam Group Chairman Mohammad Saiful Alam and former Reliance Finance Managing Director Prashanta Kumar (PK) Halder, along with 11 others, in a case over the embezzlement of Tk 240 million through fraudulent loan approval.

Special Judge Court-8 Judge Nur-e-Alam Bhuiyan framed charges against the accused and set March 1 for recording witness testimonies.

The accused are S Alam Group Vice Chairman Abdus Sama, directors Mohammad Abdullah Hasan and Shahana Ferdous, former executives of Reliance Finance Ltd (now Aviva Finance Ltd) Rashidul Haque, Nahida Runai, Kazi Ahmed Jamal and Jumaratul Banna; and officials of Marine Vegetable Oils, including former Managing Director Jahir Ahmed and directors Tipu Sultan and Md Ishaq. Saiful Islam, proprietor of M/s Saiful & Co, is also among the accused.

Two of the accused, Rashidul Haque and Nahida Runai, are currently in jail and were produced before the court. The remaining accused, including S Alam and PK Halder, are absconding.

According to the charge sheet, the accused colluded to approve a term loan of Tk 240 million on August 8 and disbursed it on September 9, 2013, respectively, in the name of a shell entity, AM Trading. The funds were later transferred to S Alam Super Edible Oil Ltd.

The case was filed on July 2 last year by ACC Assistant Director Md Ismail, who submitted the charge sheet on October 16 after naming 13 accused.

Earlier this week, courts framed charges against S Alam and PK Halder in two other ACC cases. 

MAL/AM