A Jashore court today (12 November) sentenced four people, including two former officials of Islami Bank’s Jashore branch, for embezzling Tk1.14 crore from the bank in a fraud scheme dating back to 1992.
The verdict came 26 years after the case was filed in 2000.
Jashore Special Judge and District and Sessions Judge SM Nurul Islam pronounced the verdict, said Public Prosecutor Sirajul Islam.
None of the four convicts was present in court when the verdict was delivered, as all were absconding, he added.
The court also ordered the Tk1,14,02,693 embezzled in the case to be forfeited to the state. The money is to be recovered from the movable and immovable properties of two of the convicts, both former bank employees.
The convicts are Ziaul Haque and his son Enamul Haque, residents of Chattogram; Sheikh Jamil Ahmed, a dismissed senior officer and investment officer of Islami Bank’s Jashore branch; and Moazzem Hossain, a dismissed storekeeper at the branch.
The court sentenced Enamul and Ziaul to two years’ imprisonment under Section 406 of the Penal Code, three years under Section 420, and two years each under Sections 462(a) and 462(b). They were also fined Tk2,000 under each section, with an additional three months’ imprisonment in default of each fine.
Sheikh Jamil and Moazzem were sentenced to three years under Section 420, 10 years under Section 409, two years each under Sections 462(a) and 462(b) of the Penal Code, and three years under Section 5(2) of the Prevention of Corruption Act, 1947.
They were also fined Tk2,000 each under Sections 420, 462(a) and 462(b), and Tk5,000 under Section 409. Additional imprisonment of three months under the respective sections was ordered in default of payment.
The sentences under the different sections will run concurrently, according to the verdict.
What the case says
According to the case documents, Enamul applied for a Tk50 lakh investment facility from Islami Bank’s Jashore branch on 5 December 1991. On 19 April 1992, the bank approved an investment facility of Tk1 crore in his favour.
Although a Jashore address was given in the loan application, a property in Chattogram was shown as collateral. Investigators found that the bank approved the investment facility without properly verifying the mortgaged property.
Later, Tk96,75,250 was disbursed in nine transactions in the name of M/s Confidence Tyre House against stocks of tyres and tubes shown as stored in the bank’s warehouse.
However, investigators found that only a nominal quantity of tyres and tubes had been kept in the warehouse, while most of the goods were shown as supplied to facilitate the misappropriation of the money.
Some of the goods kept in the warehouse were later sold at auction, and three investment accounts were adjusted. However, Tk76,75,250 remained outstanding in the other six accounts.
Including interest, commission and other dues, the amount misappropriated had reached Tk1,14,02,693 by 26 April 1995, according to the case documents.
Then district anti-corruption officer MA Sobhan filed the case with Kotwali Police Station in Jashore on 21 May 2000.
After investigation, ACC Assistant Director Abdul Wadud submitted the charge sheet against the four accused to the court on 28 January 2013.
Following the trial and examination of witnesses, the court found the charges against the accused proved and delivered the verdict.
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