Tk25cr embezzlement: 2 former UCB directors land in jail after surrendering

A Chattogram court has ordered to send two
former directors of United Commercial Bank (UCB) to jail in a case filed over
the embezzlement and laundering of a loan worth Tk25 crore.
Judge Md Mizanur
Rahman of the Chattogram Divisional Special Judge's Court issued the order
today (31 March), confirmed Anti-Corruption Commission (ACC) Public Prosecutor
Mokarram Hossain.
According to court
officials, the judge granted ACC's plea to send former UCB directors Aparup
Chowdhury and Touhid Shipar Rafiquzzaman to jail after they surrendered before
it.
Aparup and Touhid, in violation of banking
rules and regulations, had allegedly facilitated the approval of loans in
favour of a paper-based (non-existent) company in a biased manner -- creating
the opportunity for embezzlement and money laundering, according to the charges
levelled against them.
On 11 March, the
same court formally charged 36 individuals, including former land minister
Saifuzzaman Chowdhury, in this case, kicking off the trial proceedings.
The court also set
5 April to begin recording witness testimonies.
Case details
According to the charge sheet, a company named "Vision Trading" took
a loan of Tk25 crore from UCB's Chattogram Port Branch. The money was later
laundered abroad through hundi.
On 24 July 2025,
ACC Deputy Director Md Mashiur Rahman filed the case at the corruption
watchdog's Chattogram District Office-1. After the investigation, the charge
sheet was submitted to the court on 5 January this year.
The same
Chattogram court on 7 January issued arrest warrants against Saifuzzaman and 31
others.
The case currently
involves 36 accused and 92 witnesses. The accused include Saifuzzaman's wife
and former UCB chairman Rukmila Zaman, his brother Asifuzzaman Chowdhury, and
his sister Roksana Zaman Chowdhury.
According to the
charge sheet, Aramit Group protocol officer Farman Ullah Chowdhury obtained the
loan of Tk25 crore from UCB by impersonating the owner of a business entity
called Vision Trading.
Subsequently,
Saifuzzaman withdrew the funds through his employees and transferred them abroad
through 'hundi' for the purchase of property.
The charge sheet
alleges that the embezzlement occurred between 13 October 2019 and 13 February
2020.
The investigating
officer specified that the accused are charged under various sections of the
Penal Code, Prevention of Corruption Act, and Prevention of Money Laundering
Act.
Saifuzzaman, an
Awami League leader, held the position of state minister for land from 2014 to
2018 and land minister from 2019 to 2023.
Before the 2024
parliamentary elections, he faced accusations of accumulating significant
wealth overseas. Following this, he did not retain a ministerial position in
the subsequent government.
Media reports
indicated that Saifuzzaman relocated to London with his wife and family members
around the time of the fall of the Awami League government during the mass
uprising on 5 August 2024.
















