ACC to file case against former FAS officials over Tk 66 million loan default

The Anti-Corruption Commission (ACC) has decided to file a case against nine people, including former senior officials of FAS Finance and Investment Limited and the Managing Director of Mantrust Properties Pvt Ltd.

They are accused of approving duplicate loans illegally and later defaulting.

ACC Director General Akhter Hossain confirmed the matter to reporters at the ACC’s Segunbagicha office on Tuesday (September 30).

According to the ACC, the then management of FAS Finance and the MD of Mantrust Properties, in collusion, approved and disbursed loans twice against the same property under a tripartite agreement, bypassing rules. The original loan of Tk 27 million has now grown to Tk 66 million with interest.

The accused include: Md Shah Alam (MD of Mantrust Properties Pvt Ltd), Niaz Ahmed Faruqi (former Principal Officer, FAS Finance), Md Shahidul Islam (former Senior VP & Principal Officer), Md Nazrul Islam (former Additional MD), Md Mofiz Uddin Chowdhury (former MD), Mohammad A Hafiz (former Chairman), Ujjal Kumar Nandi (former Director), Md Jahangir Alam, and Md Siddiqur Rahman.

The ACC also said that under the leadership of PK Halder, a key figure in financial fraud, billions of taka were embezzled from FAS Finance.

Several cases have already been filed against its officials.

tonmoy.wardad@gmail.com