Rick Haque Sikder charged with Tk 215 million embezzlement, money laundering
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The Anti-Corruption Commission (ACC) has pressed charges against former National Bank Limited director Rick Haque Sikder and 11 others for their alleged involvement in the embezzlement and laundering of approximately Tk 215 million abroad through credit card misuse.
According to the charge sheet approved by the ACC’s Special Investigation and Inquiry Division-3, the accused, in collusion with one another, misused foreign currency credit cards in violation of the Guidelines for Foreign Exchange Transactions (GFET)-2018, Foreign Exchange Circular No. 30 (dated July 25, 2019), and the Bangladesh Bank Prudential Regulations for Consumer Financing (BRPD Circular No. 04, dated April 3, 2017).
Investigations revealed that between 2017 and 2021, Rick Haque Sikder used six credit cards to spend US $ 2.62 million (around Tk 215 million at the 2017 rate)—well beyond the approved limit—and subsequently laundered the funds abroad. The laundered money was then allegedly used to settle the card dues, thus attempting to legitimize the illicit transactions.
The other accused include Md. Mahfuzur Rahman, former Executive Vice President and Head of Card Division; Shah Syed Abdul Bari, former Managing Director; M A Wadud, former Additional Managing Director; A S M Bulbul, former Managing Director; Chowdhury Moshtaq Ahmed alias Chowdhury Rasel Ahmed, former Managing Director; Ujjal Kumar Pal, Vice President, Card Division; Md. Rezwanul Haque, Vice President, Special Asset Management Division; Subir Chandra Kar, Vice President, Credit Administration Division; Md. Shamsul Alam, Vice President, Internal Control and Compliance Division; A N M Ahsan Habib, now Vice President of Global Islami Bank; and Tariqul Islam Khan, Vice President, Card Division, National Bank PLC.
The charge sheet, submitted by Md. Ferdous Rahman, Assistant Director of the ACC, recommended trial under Section 5(2) of the Prevention of Corruption Act, 1947, Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012, and Section 109 of the Penal Code.
The case, registered as ACC Case No. 16/2024 dated March 31, 2024, was filed under the jurisdiction of ACC Dhaka-1.
Officials said the accused violated banking prudential norms and foreign exchange guidelines to facilitate unauthorized overseas transactions, causing significant financial damage and undermining regulatory integrity.
Rick Haque Sikder is the son of late Zainul Haque Sikder, former chairman of National Bank and founder of Sikder Group.
His directorship with the National Bank was scrapped for loan defaulting long back in 2021.