SM Amzad Hossain, the immediate past chairman of the new generation South Bangla Agriculture and Commerce (SBAC) Bank, labelled a habitual defaulter by the Bangladesh Bank, has allegedly embezzled Tk20 crore from his bank by opening a fake company using his company employees.
Capt M Moazzam Hossain, involved in loan irregularity, was entirely responsible for dragging the People’s Leasing and Financial Services (PLFS) into collapse, and has been found to be an accomplice of Amzad in the SBAC misappropriation, according to an inquiry by the corruption watchdog.
The latest inquiry by the Anti-Corruption Commission (ACC) uncovered the fraudulency and it filed two cases on Monday against Amzad and Moazzam based on the findings.
Since the bank’s inception in 2013, Moazzam was the director of the board of the bank and Amzad was the chairman. However, Amzad resigned from his post in September last year on personal grounds. A month after his resignation, Moazzam also stepped down from the board.
Despite having numerous fraud allegations, both men were seemingly blessed by the Bangladesh Bank, as the authority did not stop them from joining the SBAC board with depositors’ interests taking a backseat.
The central bank, in several investigations, had already found instances of loan forgeries and money-laundering against the duo.
In its own damning report, the Bangladesh Bank had labelled Amzad a habitual defaulter while he was the chairman of SBAC.
Moreover, he also held the…
