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A Dhaka court has sentenced Destiny Group MD Rafiqul Amin to three years in jail for failing to submit a wealth statement to the Anti-Corruption Commission.
The court also fined him Tk 5.0 million in a case filed by the anticorruption watchdog four years ago, reports bdnews24.com.
Amin was present in the court during the pronouncement of the verdict on Tuesday. He has remained behind bars in two separate cases since 2012.
According to the law, his jail time will be considered as the sentence served and adjusted. Rafiqul will not have to serve the prison term in this case.
But he will not be freed from jail as he is arrested in two other cases of money laundering.
"As he has been convicted, we will appeal against the verdict,” said Rafiqul's legal counsel Ehsanul Haque Shomaji.
The ACC filed two cases with Kalabagan Police Station against Destiny Group on Jul 31, 2012 and submitted charges on May 5, 2014.
Nineteen people were accused of corruption through Destiny Multipurpose Cooperative Society while the graft case over Destiny Tree Plantation Ltd named 46 people.
According to the charges, the group collected Tk 24.45 billion through Destiny Tree Plantation project from investors and embezzled around Tk 22.57 billion.
More than 1.7 million investors fell victim to the financial embezzlement of the Destiny officials.
Destiny allegedly embezzled around Tk 18.61 billion from Tk 19.01 billion invested in the Multipurpose Co-operative Project.
Around 800,000 investors have incurred severe financial losses as an aftermath.