Two bank officials among 3 jailed for five years in Khulna embezzlement case

KHULNA, Sept 28: A court here on Monday sentenced two former officials of Prime Bank’s Khulna branch and a businessman to five-year rigorous imprisonment in a case filed for embezzling Tk 3.16 crore.

The court also fined each of the three convicts Tk 3.16 crore, in default of which they will have to suffer two more years in jail.

Khulna Divisional Special Judge Mohammad Adib Ali pronounced the verdict. 

The convicts were absent from the court during the pronouncement, and arrest warrants were issued against them, Mohammad Yasin Ali, court bench assistant confirmed.

The convicts are Sheikh Abu Rashed, proprietor of Messrs Minghua Trade International and Sajeda Wahab & Sons of City’s Khan A Sabur Road, Syed Zahirul Haque, former Senior Vice-President of Prime Bank’s Khulna branch and Kazi Rabiul Islam, former Foreign Exchange In-charge of the same branch.

According to court sources, while Syed ZahirulHaque was serving as the branch manager, businessman Sheikh Abu Rashed applied for a loan limit to import goods through letters of credit (LCs).

Following the branch manager’s recommendation, Prime Bank’s head office sanctioned an LC facility of Tk 1.20 crore for Rashed’s business at a 20-per cent margin.

Rashed imported goods from India through 14 LCs. The two bank officials allegedly paid Tk 2.76 crore to the banks of Indian exporters through 27 Loan against Trust Receipt (LTR) accounts between December 6, 2004 and November 16, 2005.

Although Rashed was contractually bound to repay the all bank’s dues after selling the imported goods, but he paid some of Tk 80 lakh and failed to repay Tk 3.16 crore money.

The court found that the accused, acting in collusion and with an intention to gain illegal financial benefits, abused their positions and embezzled Tk 3.16 crore by failing to repay the bank money in violation of the terms of the LCs.

On May 29, 2011, ACC Khulna District Integrated Office’s Deputy Assistant Director Aminul Islam filed the case with police.

On February 29, 2012, ACC Deputy Assistant Director Mohammad Aminul Islam submitted a charge-sheet against the accused.

The court framed charges against the three accused on February 24, 2020.