The Anti-Corruption Commission (ACC) is preparing to initiate an embezzlement case against former IFIC Bank chairman Salman F Rahman, his son Shayan F Rahman, former BSEC chairman Shibli Rubayat Ul Islam, and 27 others on charges of “fraud” over IFIC Aamar Bond, reports bdnews24.com.
ACC Director General Akhtar Hossain said on Wednesday that the case will be filed by Assistant Director Sajjad Hossain, and it has already been greenlit by the anti-graft agency.
The accused allegedly misappropriated Tk 10 billion from the market.
Real estate company Sreepur Township issued bonds with good dividends in 2023, claiming to raise funds for a large housing project in Gazipur. They raised Tk 10 billion from the market by selling the bonds, called “IFIC Aamar Bond”.
Despite what the name suggests, the bond is not IFIC’s. The bank is simply the guarantor of the bond, though the promotional campaign made it seem that it was issued by the bank.
Deposed prime minister Sheikh Hasina’s advisor and Beximco Group Chairman Salman and Shayan are stakeholders of the company, also shareholders of IFIC bank, raising questions about conflict of interest over issuing the bond.
Although Sreepur Township, established in March 2023, had no previous experience in flat construction or plot management, IFIC chose to be the guarantor of its bond.
In other words, Sreepur Township was given a guarantee to withdraw money using the good reputation of IFIC Bank.
The name of IFIC Bank was written prominently in newspaper promotions, while Sreepur Township was mentioned in small letters, which was a fraud on the investors.
According to ACC findings, the actual value of the land shown as security for the bond was Tk 870 million, but it was shown as Tk 10.2 billion. https://today.thefinancialexpress.com.bd/last-page/salman-shayan-shibli-face-embezzlement-charges-in-ific-aamar-bond-fraud-1744827487