For allegedly embezzling and laundering Tk15 crore through loans obtained under the name of an Aramit Cement employee using a fictitious business entity, the Anti-Corruption Commission (ACC) has filed lawsuits against former Land Minister Saifuzzaman Chowdhury, his wife Rukmila Zaman, and 26 other officials and former directors of United Commercial Bank (UCB).
Today, July 31, ACC Assistant Director Muhammad Main Uddin filed the case with the ACC Chattogram District Integrated Office-1.The filing of the lawsuit was confirmed by Shubel Ahmed, Deputy Director of the Chattogram District Integrated Office-1.

The former UCB officials and associates of Aramit Group implicated in this case include Abu Hena Md Fakhrul Islam, a former officer at UCB’s Port Branch in Chattogram; Md Moazzem Hossain Chowdhury, the former First Vice President of the same branch; Ziaul Karim Khan, a former Credit Officer; Md Abdul Awal, a former FAVP and Credit In-Charge; Mir Mesbah Uddin Hossain, a former FAVP and Operations Manager; and Abdul Hamid Chowdhury, a former Vice President and Branch Manager. Also named are Mohammad Mishabahu Alam, the owner of Model Trading and an employee of Aramit PLC; Md Abdul Aziz, the owner of Imperial Trading and AGM of Aramit PLC; and Shahriar Hossain, DGM of Aramit Thai Aluminium Ltd.

The case also names former senior executives and board members of UCB, including Bajlul Ahmed Babul, the former Vice Chairman; Anisuzzaman Chowdhury; Akhtar Matin Chowdhury; M A Sabur; Yunus Ahmed; Nurul Islam Chowdhury; Asifuzzaman Chowdhury; Roksana Zaman Chowdhury; Bashir Ahmed; Afroza Zaman; Syed Kamruzzaman; Md Shah Alam; Prof Dr Md Jonaid Shafique; Dr Konok Kanti Sen; Dr Aparup Chowdhury; Tauhid Sipar Rafiquzzaman; and Arif Qadri, the former Acting Managing Director. All are accused of having various roles in facilitating, approving, or benefiting from the fraudulent loan disbursement.

According to the case documents, Aramit Cement PLC, which is owned by Saifuzzaman, employed one of its staff members, Mohammad Jasim Uddin, to impersonate a businessman and establish a fraudulent company account named “Reliable Trading”. To open a current account at UCB’s Port Branch in Chattogram on 28 August 2018, false trade licenses were utilized without adequate verification by the then UCB officials, Abu Hena Md Fakhrul Islam and Md Moazzem Hossain Chowdhury.

On 15 November 2020, a loan application for Tk23 crore was submitted to the bank using forged documents, claiming it was for working capital for Reliable Trading. On that same day, four senior UCB officials — Ziaul Karim Khan, Md Abdul Awal, Mir Mesbah Uddin Hossain, and Abdul Hamid Chowdhury — created and signed a falsified inspection report that inaccurately certified the company’s operations, assets, and ownership.

Despite having nine significant negative observations, the loan proposal was approved during UCB’s 454th Board of Directors meeting on 18 November 2020. The approval was subsequently formalized on 19 November 2020 by the bank’s Credit Risk Management Division.

On 6 December 2020, the Tk15 crore loan was credited to the Reliable Trading account, and by the following day, almost the entire sum was withdrawn through a series of transactions designed to conceal the money trail. A total of Tk6.5 crore was redirected to another shell company, Model Trading, which is owned by Mohammad Mishabahu Alam — an employee and close associate of Saifuzzaman — before being transferred to the Aramit Cement PLC account at UCB’s Bahaddarhat branch. This money was utilized to settle previous debts and cover liabilities associated with Saifuzzaman’s business interests.

An additional Tk3.3 crore was funneled through a second paper company, Imperial Trading, owned by Md Abdul Aziz, who is also connected to Saifuzzaman’s business network. This amount was later transferred to Aramit Thai Aluminium Ltd, another company owned by Saifuzzaman and his wife, for similar purposes.

The remaining Tk5.18 crore was allocated through pay orders to seven business entities — such as Tasin Steels Ltd, Ruby Food Products Ltd, and Sonargaon Salt Industries Ltd — which were reportedly involved in settling debts or dues related to Saifuzzaman and his spouse Rukmila Zaman.

According to the findings of the ACC, Reliable Trading had no legitimate business operations. The account was established without any physical verification, and the loan was granted based on forged inspection reports and signatures. The ACC asserts that the entire operation was a calculated scheme to embezzle and launder public funds under the pretense of commercial lending.

The ACC has initiated charges under various sections of the Penal Code, including 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant or banker), 420 (cheating), and several sections concerning forgery and conspiracy. Furthermore, charges have been brought under the Prevention of Corruption Act, 1947, and the Money Laundering Prevention Act, 2012.

If these allegations are proven true, they may lead to significant penalties, which could include long-term imprisonment and the forfeiture of assets.

ACC officials have stated that further actions, such as arrests and property confiscations, will move forward pending court approval.

This marks the second case brought against Saifuzzaman Chowdhury and his spouse within a week. Previously, on July 24, the ACC initiated a similar case against the former land minister, his wife, and 29 others for allegedly embezzling and laundering Tk25 crore from United Commercial Bank through loans acquired in the names of Aramit Group employees using fraudulent business entities.