ACC approves case against Salman, 24 others

The Anti-Corruption Commission (ACC) has approved a case against former Beximco Group chairman Salman F Rahman, his son Sayan Fazlur Rahman and 23 others over an alleged Tk 604.69 crore embezzlement through a fictitious company and abuse of power.

ACC Secretary Md Saidur Rahman Khan confirmed the decision at the commission’s headquarters on Sunday (September 27).

He said Salman allegedly approved Tk 545 crore in three phases in favour of Skymark International Ltd, a fictitious and paper-based company, and Tk 538.16 crore was subsequently disbursed in cash and allegedly embezzled.

The ACC secretary said up to Tk 230 crore was withdrawn in a single day, violating Bangladesh Bank guidelines and IFIC Bank policies.

According to the case allegations, the accused allegedly created Skymark International as a paper-based entity and, through collusion, fraud and abuse of power, obtained loans in violation of banking rules. The embezzled money was later transferred and converted through various transactions, allegedly constituting money laundering.

Including interest and other charges, the financial loss is estimated at Tk 604.69 crore.

The other accused include IFIC Bank Vice Chairman and Salman’s son Ahmed Sayan Fazlur Rahman, Skymark International Managing Director Abdullah Al Manjur, Director Ishrat Jahan Laizu, and several former and current IFIC Bank officials.

The case has been approved under Sections 409, 420 and 109 of the Penal Code, Section 5(2) of the Prevention of Corruption Act, 1947, and Section 4(2) of the Money Laundering Prevention Act, 2012.

The ACC’s inquiry found that the company allegedly received loans without adequate collateral or proper verification, in violation of banking policies, Bangladesh Bank’s BRPD circulars and IFIC Bank’s 2017 loan policy.

-AH