Court issues arrest warrant against ex-UCB chairman in Tk25cr embezzlement case

A Chattogram court yesterday (12 August) issued an arrest warrant against former United Commercial Bank (UCB) chairman MA Sabur in a case filed over the alleged embezzlement of Tk25 crore and laundering of the money abroad through a shell company named Vision Trading.

Chattogram Metropolitan Senior Special Judge Md Hasanul Islam issued the warrant.

Mokarram Hossain, public prosecutor for the Anti-Corruption Commission (ACC), told The Business Standard that the case has already reached the stages of charge-sheet submission and framing of charges, with witness testimony ongoing.

According to the ACC prosecutor, Sabur recently secured four weeks’ bail from the High Court because the charge sheet had not yet been submitted in the case. His bail period has also expired.

Sabur was scheduled to appear before the court yesterday following the expiry of his bail. However, instead of appearing in person, Sabur sought an extension of time through an application.

The ACC opposed the application, following which the court issued an arrest warrant against him.

According to the case documents, Vision Trading received a Tk25 crore loan from UCB. The funds were later allegedly diverted abroad through hundi, an informal money transfer system. The embezzlement occurred between October 2019 and February 2020.

On 11 March, the court framed charges against the 36 accused.

Earlier, after completing the investigation, ACC Deputy Director Md Mashiur Rahman, who served as the investigation officer, submitted the charge sheet to the court on 5 January.

The charge sheet detailed various allegations against those involved in the loan fraud and money laundering.