ACC sues 24 including ICB MD for ’embezzling’ Tk 311cr

Staff Reporter, Dhaka

A case has been filed against 24 people, including the managing directors of the Investment Corporation of Bangladesh (ICB) and asset management company Universal Financial Solutions Limited (UFS), for allegedly embezzling around Tk 311.44 crore.

The accused include ICB MD Mosaddekul Alam, UFS Chairman Syed Alamgir Faruk Chowdhury and MD Syed Hamza Alamgir.

The Anti-Corruption Commission’s deputy director Hafizul Islam on Sunday filed the case with ACC’s Dhaka-1 coordinated district office.

The case statement said the accused swindled about Tk 311.44 crore showing investment in the name of different business entities, and mutual funds, and on the account of share sales and mutual fund fees.

The allegations were made against them under sections 420/467/468/471/409/109 of the Penal Code, section 5(2) of the Prevention of Corruption Act, 1947, and sections 4(2) and 4(3) of Money Laundering Prevention Act, 2012.