A court in Chattogram has ordered the commencement of trial proceedings against former Land Minister Saifuzzaman Chowdhury, his wife Rukhmila Zaman, and 34 other individuals over allegations of bank loan fraud and large-scale money laundering. The case, filed by the Anti-Corruption Commission (ACC), centres on claims that a fictitious business entity was used to obtain a substantial bank loan, which was later misappropriated and transferred abroad.
The order was issued on Wednesday by Judge Mizanur Rahman of the Chattogram Divisional Special Judge’s Court after hearing arguments from both sides. The court formally framed charges against the 36 accused, paving the way for the trial to proceed. Testimony in the case is scheduled to begin on 4 April.
According to ACC prosecutors, several of the accused, including Saifuzzaman Chowdhury and his wife, are currently absconding. Public Prosecutor Mokarram Hossain confirmed the court’s decision and stated that the trial would proceed in accordance with legal procedures despite the absence of some defendants.
The ACC submitted its charge sheet to the court on 4 January. The investigation alleges that a loan worth Tk250 million was fraudulently obtained from United Commercial Bank (UCB) in the name of a fictitious company. Investigators claim the loan was later embezzled and partly transferred abroad through informal financial channels.
According to the charge sheet, Saifuzzaman Chowdhury orchestrated the scheme by presenting Mohammad Forman Ullah Chowdhury, a protocol officer at his business conglomerate Aramit Group, as the owner of a paper company named Vision Trading. Using forged documents and fabricated financial records, the accused allegedly secured the loan from the Port Branch of United Commercial Bank.
Investigators further claim that the bank’s internal risk management department had raised 17 negative observations regarding the loan proposal. However, these warnings were reportedly ignored during the approval process. At the time, Rukhmila Zaman served as chairman of the bank. The charge sheet alleges that Saifuzzaman Chowdhury effectively exercised control over the institution as a “de facto chairman” and exerted influence during board meetings to ensure the loan’s approval.
A significant portion of the borrowed funds was reportedly used to settle existing liabilities of companies linked to Chowdhury. The breakdown of the loan utilisation, according to the ACC investigation, is shown below.
| Category | Amount |
|---|---|
| Loan obtained from UCB | Tk250 million |
| Used to settle liabilities of Aramit Cement and Aramit Thai Aluminium | Tk149.1 million |
| Cash withdrawn from Jubilee Road Branch | Tk94.1 million |
The ACC alleges that a large portion of the withdrawn money was transferred abroad using informal systems such as hundi and hawala. Investigators believe the funds were initially moved to Dubai in the United Arab Emirates before being redistributed to several countries, including the United Kingdom, the United States, Malaysia and Singapore, where assets were allegedly purchased.
During the investigation, authorities recovered 23 sacks of documents and evidence from the residence of a neighbour of Elias, the driver of Rukhmila Zaman. According to ACC Deputy Director and investigating officer Mashiur Rahman, the documents contained details of more than 1,100 flats and other real estate assets purchased overseas, with an estimated total value of nearly Tk100 billion.
The ACC has also claimed that Saifuzzaman Chowdhury owns extensive assets across at least nine countries. Investigators say they have identified 343 properties in the United Kingdom, 228 in Dubai and 10 in the United States. Additional assets have reportedly been traced to Thailand, Malaysia, India, Vietnam and Cambodia.
Earlier, on 7 October 2024, the court imposed a travel ban on both Saifuzzaman Chowdhury and Rukhmila Zaman during the investigation. However, according to ACC officials, the couple left the country despite the restriction.
The case has attracted considerable public attention due to the scale of the alleged financial irregularities and the involvement of a former senior government official. Legal analysts note that the upcoming witness hearings may reveal further details about the alleged loan fraud and the international movement of funds.