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A Dhaka court has ordered the imprisonment of former Islami Bank chairman Obaid Ullah Al Masud in a fraud case.
The order was issued on Wednesday by Dhaka Metropolitan Sessions Judge Md Sabbir Foyez after the Anti-Corruption Commission (ACC) produced him before the court and sought his detention. No bail petition was submitted on behalf of the accused.
Earlier in the morning, ACC officials arrested Obaid Ullah from his residence in Dhanmondi.
On 28 September, ACC filed a case against 11 individuals, including former Agrani Bank managing director Syed Abdul Hamid, Obaid Ullah, and senior officials of Nurjahan Group.
They are accused of embezzling Tk 189 crore 80 lakh by fraudulently securing loans from Agrani Bank’s Asadganj branch in Chattogram.
According to the case statement, loans approved in the name of Messrs Mizan Traders for importing chickpeas and wheat were actually used by Nurjahan Group and its associate, Jasmir Vegetable Oil Ltd. The ACC alleges that the accused used a salaried employee, Mizanur Rahman, to obtain and withdraw the loans through deception.
They allegedly opened and operated an unnamed account to channel the funds, ultimately misappropriating Tk 51 crore, now valued at Tk 189.80 crore with interest.
