BM Desk:

The court has ordered the confiscation of the assets of the former chairman of Basic Bank, Sheikh Abdul Hai Bachchu, and his family. Dhaka Metropolitan Sessions Judge on Wednesday. Achaduzzaman gave this order after the hearing.

Other members of Bachchu’s family are his wife Shireen Akhtar, his son Sheikh Chabid Hai Anik, his daughter Sheikh Rafa Hai, and Bachchu’s brother Sheikh Shahriar Panna.

The confiscated assets are 228 decimals of land in Bashundhara R/A; the current price of that land is Tk 12 crore 43 lakh; a DOHS located flat, the market value of which is Tk 64 lakh; and 30 katha of land in Cantonment Bazar area in the name of his family, the market value of which is Tk 15 crore 25 lakh.

According to court sources and the media, the ACC found these assets against Bachchu and his family members while investigating the acquisition of assets beyond known income and money laundering. Then ACC Deputy Director Nurul Huda requested to freeze their assets.

Bacchu resigned from Basic Bank as chairman on July 5, 2014, amid growing allegations that he misappropriated funds by approving shady loans of several thousand crores of taka.