Bring all accused in loan fraud cases to trial
It is difficult to say whether the verdict to sentence Sonali Bank's former managing director (MD) Humayun Kabir and nine others to 17 years imprisonment for embezzling Tk 2.7 million through loan fraud will be able to stop the irregularities and bring order to the banking sector. But, admittedly, through the verdict the activities of the Anti-Corruption Commission (ACC) have become somewhat visible.
Dhaka Special Court-5 judge Iqbal Hossain pronounced the verdict last Wednesday in the case of loan fraud. The nine convicted persons are former MD of Sonali Bank Humayun Kabir, Deputy Managing Director (DMD) Mainul Haque, General Manager (GM) Nani Gopal Nath, Deputy General Manager (DGM) Sheikh Altaf Hossain, Safiz Uddin Ahmed, Assistant General Manager (AGM) Saiful Hasan, Quamrul Hossain Khan, managing director Saiful Islam (Raja) and director Abdullah Al Mamun of Paragon Knit Composite.
According to the case file, the ACC filed a case against the accused on 1 January, 2013 for embezzling Tk 2,750,681 from Sonali Bank. After investigating the case, ACC Assistant Director Moshiur Rahman filed a charge-sheet in the court on 22 May, 2014.
Earlier, on 26 November last year, a court sentenced 11 people, including Sonali Bank's former MD Humayun Kabir, to three to seven years in prison for embezzling Tk 14.2 million from Sonali Bank. Besides, in another case of loan fraud of the bank, three people including former AGM Saiful Hasan were sentenced to life imprisonment in 2016. There have been many more incidents of Sonali Bank loan fraud. Besides, no one has yet been punished for embezzling Tk 36.06 billion from the bank's Ruposhi Bangla branch, known as the Hallmark scam.
Many cases have been filed against those involved in large loan scams in several public and private banks but the trials have stalled for unknown reasons. Nine people including former MD of Sonali Bank have been punished in the ACC case.
But those who have embezzled and siphoned millions from Basic Bank have remained out of reach. Even the banks that were rebuked by the central bank for their irregularities and corruption have been acquitted for unknown reasons.
The cases are just a few examples of the rampant corruption and fraud in the banking sector. Every year many incidents of fraud and embezzlement in different banks occur, most of which do not come to light. Despite serious financial scandals in state-owned Janata Bank, Agrani Bank, Basic Bank and the private sector Farmers Bank, it is unfortunate that none of the officials have been tried.
Several officials, including former Sonali Bank MD Humayun Kabir, have been convicted in the ACC case. But five accused including Humayun Kabir are still absconding. It is the responsibility of the government to find them and ensure their punishment. For example, in order to restore order in the banking sector, not just one or two, the perpetrators of all financial scams, big and small, must be punished.