Criminal Investigation Department (CID) has frozen Meghna Bank Limited's shares worth around Tk 60 crore.
The shares are owned by former land minister Saifuzzaman Chowdhury Javed, his brother Anisuzzaman Chowdhury, a former director of United Commercial Bank PLC (UCB), and his wife Imrana Zaman Chowdhury, a former director of Meghna Bank, and others.
A Dhaka court on Tuesday (November 18) ordered to freeze Tk 4.64 crore shares in the names of three individuals following a petition submitted by CID.
The order was issued by Dhaka Metropolitan Senior Special Judge Sabbir Foyez, following a petition submitted by the CID. The court's bench assistant, Md Riaz Hossain said.
The individuals whose shares have been frozen are Imrana Zaman Chowdhury, former director of Meghna Bank PLC; Utpal Pal, managing director of Steadfast Management Trading Ltd; and Nasim Uddin Mohammad Adil, director of the same company.
Earlier, CID Financial Crime Unit Sub-Inspector (SI) Md Nafizur Rahman filed a petition requesting that the shares be frozen.
According to CID's Special Police Super (Media) Jasim Uddin Khan, the accused, in connivance with each other, purchased Meghna Bank PLC's 4.53 crore shares through their personal accounts and fake company Steadfast Management Limited. Later, the number of shares stood at 4,64,63,000. The primary market price of the shares was Tk 59.95 crore.
During the priliminary investigation, the CID learnt that the accused earmed money through extortion, fraud, and organised crimes. A portion of the money was laundered abroad and later brought it back to Bangladesh to make it legal.
The petition states that a total of US$2,22,05,444 was brought into the country from Singapore and Dubai through an individual named Md Abul Kashem, and the funds were then transferred via cash cheques to the bank accounts of Imrana and Steadfast Management Trading Ltd.
The money was subsequently used to open accounts at Community Bank PLC for the purpose of purchasing Meghna Bank PLC shares. A total of Tk 59.95 crore was transferred for these transactions.
CID argued that without freezing the shares, the accused could easily sell them and withdraw the funds, jeopardising the investigation. It said freezing the shares is essential under the Money Laundering Prevention Act to ensure proper progress of the inquiry.
Steadfast ManagementTrading Limited's director Utpal Palok and Nasim Uddin Mohammad Adil are the employees of Aramit Group owned by accused Javed and his close associates.
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