The Anti-Corruption Commission (ACC) has filed a case against three individuals, including the former Managing Director of Uttara Finance and Investment Limited, on charges of embezzling approximately Tk 10.2 million from the institution.
The case was filed by ACC Deputy Assistant Director Md. Abul Fayez at the ACC’s Dhaka Integrated District Office.
The accused are: former Managing Director of Uttara Finance and Investment Limited S.M. Shamsul Arefin; Chairman of Relax Transport Private Limited Mohammad Monsurul Islam; and its Managing Director Soaibul Islam.
According to the case statement, the accused, in collusion with one another, fraudulently transferred Tk 3 million from Uttara Finance and Investment Limited to an institution linked to their own interests without submitting the required documents or placing the matter before the board meeting for approval. The money was later withdrawn and embezzled. Including interest, the amount stood at Tk 10,186,828 as of August 31, 2024.
Charges have been brought against the accused under Sections 409, 420, and 109 of the Penal Code; Section 5(2) of the Prevention of Corruption Act, 1947; and Section 4(2) of the Money Laundering Prevention Act, 2012.
