ACC sues Al-Arafah Bank director over money laundering

FT ONLINE

The Anti-Corruption Commission (ACC) on Tuesday filed a case against Badiur Rahman, a director of Al-Arafah Islami Bank Ltd, on charges of siphoning 500,000 Singaporean dollars equivalent to over Tk 16.8 million to Singapore.

Deputy Director (DD) of the ACC Jalal Uddin Ahammed filed the case under sections 4(2) and (3) of the Money Laundering Prevention Act, 2012 with Motijheel Police Station, said deputy director (public relations) Pranab Kumar Bhattacharjee.

The accused did the misdeed by misusing his power after being a director of the Al-Arafah Islami Bank since 1995 and was chairman of board of directors from 2008 to 2016.

In the case statement it was alleged that Badiur along with two other shareholders established a company S Ariel Maritime Pvt Ltd which was registered with Singapore in 2003. The location of the company is International Plaza, 10, Anson road, Singapore.

The approved capital of the company was 1 million Singaporean dollars and the paid of capital was 50,000 Singaporean dollars. Out of the paid of capital, Badiur gave 25,000 Singaporean dollars equivalent to Tk 825,000 (2003), reports BSS.

Later in 2004, Badiur has started running the business with taking cent per cent ownership of the company and the paid of capital now stands at 500,000 Singaporean dollars equivalent to over Tk 16.8 million.