Case to be filed against Orion Group’s Obaidul and 12 others over Tk 5.07 billion embezzlement
Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The Anti-Corruption Commission (ACC) on Thursday approved the filing of a case against Orion Group Chairman Mohammad Obaidul Karim, along with 12 others, over allegations of loan irregularities, abuse of power, and embezzlement involving Tk 5.07 billion.
According to the ACC, the accused, in collusion with each other, provided loans without adequate collateral, illegally converted offshore foreign currency loans into domestic currency loans, created fresh loans to adjust classified liabilities, and rescheduled loans without proper down payments, causing financial losses of Tk 5.07 billion.
The commission said the accused abused their positions to grant unwarranted loan facilities and extended repayment periods by seven years, providing undue benefits to the borrower in violation of banking laws and regulations.
The ACC has approved filing one case under Sections 409, 420, and 109 of the Penal Code, Section 5(2) of the Prevention of Corruption Act, 1947, and Section 4(2) of the Money Laundering Prevention Act, 2012.
The ACC has approved issuing orders under Section 26(1) of the ACC Act, 2024, directing Mohammad Obaidul Karim to submit a detailed statement of assets for verification of alleged undisclosed and benami wealth.
The case will be filed with the concerned court shortly, ACC officials said.