Witnesses testify against Saiful Alam and PK Halder in 340 million taka embezzlement case

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A Dhaka court recorded testimony from First Security Islami Bank PLC Assistant Vice President Asadul Azad on Sunday in a case involving the alleged embezzlement of 340 million taka. The proceedings, held at Dhaka’s Special Judge Court-5 under Judge Mohammad Abdullah Al Mamun, mark a significant step forward as 11 of the 15 prosecution witnesses have now provided their accounts.

The case involves high-profile figures, including S. Alam Group Chairman Mohammad Saiful Alam and former Reliance Finance Limited Managing Director Proshanta Kumar (PK) Halder. According to Anti-Corruption Commission (ACC) lawyer Tarikul Islam, the witness was cross-examined following his testimony.

Court officials noted that two of the 13 defendants, former Reliance Finance Executive Vice President Rashedul Haque and former manager Nahida Runai, are currently in custody. While legal counsel for Haque proceeded with cross-examination during Sunday’s session, defense attorneys for Runai requested an adjournment. The court granted the request and scheduled the continuation of the cross-examination and the testimony of the investigating officer for August 9.

The corruption charges, filed by ACC Deputy Director Tahasin Munabil Haque on July 2 last year, allege that the defendants abused their power to orchestrate a fraudulent loan scheme. According to the case details, the accused conspired to approve a 340 million taka term loan for a shell company named A.M. Trading on August 8, 2013. The following month, the funds were reportedly diverted and transferred to S. Alam Super Edible Oil Limited under the guise of loan disbursement.

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Following a formal investigation, the ACC submitted a charge sheet against the 13 defendants on October 16 of last year. The trial officially commenced on January 27 after the court framed charges against the accused.

In addition to Saiful Alam and PK Halder, the list of defendants includes S. Alam Group Vice Chairman Abdus Samad, directors Mohammad Abdullah Hasan and Shahana Ferdous, as well as several former officials from Reliance Finance and associated entities. Testimony in the trial began on February 23, with subsequent witnesses appearing throughout June and July to establish the prosecution’s case.