ACC prosecutes Mazumder, 20 others over Tk 8.58bn EXIM Bank ‘embezzlement’

The Anti-Corruption Commission (ACC) has prosecuted former EXIM Bank chairman Nazrul Islam Mazumder and 20 others over the alleged embezzlement and laundering of Tk 8.58 billion, approved through “abuse of authority” in loan processing.

Assistant Director Shahjahan Miraj lodged the case on Sunday at the ACC’s Integrated District Office, Dhaka-1. The commission’s Director General Md Akhtar Hossain confirmed the filing.

Majumder, also chairman of NASSA Group and former head of the Bankers’ Association of Bangladesh (BAB), had been a prominent figure in the banking sector during the previous Awami League administration.

He was arrested by the Detective Branch in Gulshan on Oct 1 last year, after the change in the government.

According to the case documents, the accused recommended approving an incomplete loan proposal for the company Madina Dates and Nuts without proper verification, feasibility study or stock assessment.

Although collateral had been mentioned, the accused allegedly colluded to misuse authority, act dishonestly and violate fiduciary responsibilities in pushing the loan forward.

Serving as members and chair of the Investment Risk Management Committee, they recommended the loan, forwarded the board memo, and secured approval -- through which the funds were embezzled, the ACC said.

Charges have been brought under Section 409 of the Penal Code, Section 5(2) of the Prevention of Corruption Act, 1947, and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.