The accused allegedly deposited over Tk150.3 crore in two private banks and over Tk434.63 crore in 12 unlisted financial institutions as FDRs
The Anti-Corruption Commission (ACC) has filed a case against two persons including former chief executive officer (CEO) of Bangladesh Infrastructure Finance Fund Limited (BIFFL) SM Farmanul Islam over the embezzlement of Tk 584.8 crore from the bank.
ACC Assistant Director Saiful Islam filed a case at the ACC Dhaka integrated district office-1 on Tuesday.
ACC Public Relations (Director) Officer Pranab Kumar Bhattacharya confirmed the matter to Dhaka Tribune.
The accused are – former executive director and former CEO of BIFFL SM Farmanul Islam and Senior Principal Officer of Treasury Department (Head of Treasurer) Nisarul Kabir Siddiqui.
According to the case statement, the accused deposited government money to conspire with each other to commit corruption and abuse of power without the approval of the board of directors of BIFFL.
They deposited over Tk150.3 crore in two private banks and over Tk434.63 crore in 12 unlisted financial institutions as Fixed Deposit Receipt (FDR), read the case statement.
The total amount is over Tk 584.8 crore, embezzled in the name of deposit. Later, the bank authorities were unable to bring back the amount. The crime committed is a punishable offence under Section 409/109 of the Penal Code and Section 5 (2) of the Prevention of Corruption Act, 1947, according to the case file.
SM Farmanul Islam was appointed as CEO for three years from April 11, 2015. He resigned from his job on July 28, 2019, citing personal reasons at a board meeting.
On March 8 this year, the commission summoned seven officials of the BIFFL for questioning about their former colleague SM Farmanul Islam, who allegedly amassed illegal wealth and was involved in money laundering.
On September 19, 2019, the ACC initiated a formal investigation against Farmanul . Subsequently, the anti-graft watchdog slapped a travel ban against him.