A former bank manager and two accomplices have been sentenced to prison for embezzling a staggering Tk 26.5 million from bank clients through fraud and forgery. The court’s decision on Tuesday in Chattogram highlights the extent of the financial crime, with two of the accused receiving 14-year sentences and one receiving an 8-year sentence.
The ruling was delivered by the Divisional Special Judge of Chattogram, Mizanur Rahman.
The convicted individuals are: Mohammad Iftikharul Kabir, former Priority Banking Manager at Eastern Bank Limited (EBL) Chandgaon Branch; Azam Chowdhury, a resident of Chandgaon residential area; and Zakir Hossain Bappi, a resident of Middle Rampur in Halishahar.
According to the Public Prosecutor (PP) of the Anti-Corruption Commission (ACC), Mokarram Hossain, Iftikharul Kabir and Azam Chowdhury were each sentenced to 14 years in prison, while Zakir Hossain received an 8-year sentence. A fourth accused, Farzana Hossain Fency, was acquitted by the court after no evidence was found against her.
All three convicted individuals were present in court, and following the verdict, they were sent to prison.
The case was filed by Mohammad Lutful Kabir Chandan, Deputy Director of the ACC’s Integrated District Office Chattogram-1, on 14 October 2019, accusing the four defendants of embezzling Tk 26.57 million from a customer’s account through fraudulent means.
According to the case details, on 22 August 2019, EBL’s Chandgaon branch filed a General Diary (GD) against Iftikharul Kabir after the bank discovered discrepancies involving the embezzlement of funds. The ACC launched an investigation based on this complaint.
The investigation revealed that on 18 April 2019, a customer, Kona Dey, visited the bank’s EBL Or Nijam Road branch to inquire about a loan option against her Fixed Deposit Receipt (FDR). However, the bank’s manager found no record of the FDR under the number Kona had presented. Upon further investigation, it was discovered that Iftikharul Kabir, during his tenure at the Chandgaon branch from 2014 onwards, had repeatedly used fraudulent methods to deceive customers.
In another instance, customer Abul Monsur Khan had opened an FDR worth Tk 22.9 million at the same branch, during which Iftikharul obtained his signature on loan documents without the customer’s knowledge. Using these documents, a loan of Tk 19.46 million was taken out in Monsur’s name, despite the fact that he had never applied for any loan.
Through further forgery, the accused managed to divert Tk 26.57 million from the victim’s account via fraudulent cheque and fund transfers, using forged signatures and fake documentation.
The investigation also uncovered evidence that the accused had transferred the money into their own accounts using the victim’s forged signature and documents. The embezzlement took place between 23 November 2016 and 6 June 2017.
The case was filed under the 1947 Prevention of Corruption Act (Section 5(2)) and sections 409, 420, 467, and 468 of the Penal Code for embezzlement, forgery, and fraud.
The court’s decision has been seen as a significant step in addressing financial crimes and holding individuals accountable for abuse of power within the banking sector.