Anti-Corruption Commission approves three cases against former Land Minister Saifuzzaman Chowdhury and 29 others for embezzling 1.41 billion taka from Islami Bank through fake vouchers and money laundering

The Anti-Corruption Commission (ACC) of Bangladesh has authorized the filing of three separate cases against former Land Minister Saifuzzaman Chowdhury and 28 others on charges of embezzling 1.41 billion taka from Islami Bank and laundering the funds abroad. The commission’s decision follows an investigation into allegations that the suspects used fraudulent bills and vouchers to siphon money under the guise of importing raw materials for Aramit Cement PLC.

ACC spokesperson Aktarul Islam confirmed the development on Tuesday, noting that the investigation initially focused on a broader scheme involving the alleged embezzlement of 500 million taka. Investigators discovered that 1.41 billion taka was misappropriated through 27 fraudulent deals. The stolen funds were reportedly transferred across various bank accounts and laundered to the United Arab Emirates, the United Kingdom, and the United States to purchase assets.

The accused individuals, totaling 29 people, include Saifuzzaman Chowdhury and his wife, Rukmila Zaman, who serves as the managing director of Aramit Cement. Several executives from the company and various officials from Islami Bank, United Commercial Bank (UCB), and First Security Islami Bank are also named in the cases. The ACC has split the charges into three lawsuits, with 16, 16, and 20 people named as defendants in each, respectively, accounting for overlaps.

The first case centers on a March 20, 2018, transaction involving 576 million taka, allegedly embezzled through a deal between Aramit Cement and Imperial Trading. The second case covers 17 deals conducted between April 2018 and December 2019, involving the misappropriation of 416.25 million taka. The third case involves nine deals executed between August 2020 and March 2021, resulting in the alleged embezzlement of 420.75 million taka.

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ACC investigators allege that Saifuzzaman Chowdhury leveraged his position as land minister to exert undue influence over the banking sector. Documents indicate that he frequently attended and dictated board meetings at UCB despite not being a board member. Furthermore, the inquiry revealed that Aramit Group employees, including the company’s assistant general manager and the former minister’s personal assistant, Md. Abdul Aziz, were falsely presented as the owners of Imperial Trading to facilitate the fraudulent documentation.

According to the commission, the raw materials were never actually supplied. Instead, the funds were withdrawn, moved through a network of bank accounts, and siphoned offshore. The ACC identified Saifuzzaman Chowdhury as the primary beneficiary and mastermind of the operation. His wife, Rukmila Zaman, is accused of facilitating the credit approvals and participating in the fund transfer process.

The commission also implicated banking officials, stating that they failed to verify whether goods were actually supplied before signing off on pay orders and internal notes, thereby actively assisting in the embezzlement. The investigation remains ongoing as the commission seeks to track the assets acquired abroad through the laundered capital.