Business Reporter : Md. Delwar Hossain was dismissed from his job at NRBC Bank on charges of huge loan fraud and embezzlement of 232 crore taka. A case of money laundering and embezzlement is also ongoing against him at the Anti-Corruption Commission (ACC).
However, he had been serving as the manager of the most important main branch of Bangladesh Commerce Bank for the last two years, completely concealing these serious crimes and information!
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Recently, when this innovative fraud was discovered during an inspection by Bangladesh Bank, his appointment was ordered to be canceled. To save his job and avoid legal action, this official has now changed his political guise and adopted a new strategy.
Serious fraud and ACC case at NRBC Bank
Delwar Hossain was working as the Executive Vice President (EVP) and Manager of Uttara Branch of NRBC Bank. While there, the bank’s internal audit team found him involved in loan irregularities and fraud worth at least Tk 232 crore.
Embezzlement and money laundering
From 2017 to 2022, serious irregularities were found against Delwar at the Uttara branch. For example, a customer company named ‘Ms. Beck Knit’ exported goods worth $ 8,419 in 2019 but did not bring the money back to the country for four months.
Although the central bank was supposed to be informed within 14 days as per the rules, Delwar hid it. On the contrary, he hid the information about the overdue bills and provided cash incentives of Tk 48.656 crore to the customers against 57 cases. Similarly, two other garments were given illegal benefits of about Tk 2 crore.
ACC case
Based on the report of the Central Bank, the ACC filed a case against Delwar and 9 others on July 11, 2023. They were charged with embezzlement of Tk 746 million and money laundering of $703,095 to the UK, which is currently under trial.
Dismissal and drama
Delwar hastily submitted his resignation on December 5, 2022, before being dismissed on the recommendation of the audit team. But the bank rejected his resignation on December 18 due to evidence of fraud and decided to dismiss him.
Illegal appointment at Commerce Bank by concealing information
According to the Bank Companies Act, if a person is dismissed from a bank for corruption and fraud, he will be considered ineligible for appointment in another bank. But Delwar Hossain joined Bangladesh Commerce Bank as Senior Executive Vice President (SEVP) on March 27, 2023, by giving a false undertaking on a Tk 300 stamp.
He claimed in the affidavit that there is no action or case pending against him in NRBC Bank or in the court. He promised to submit the NOC of his previous workplace within 6 months, but he never did.
After the fraud was discovered during the inspection of Bangladesh Bank, his appointment was declared illegal and ordered to be cancelled. Currently, Commerce Bank has attached him to the Human Resources Department of the head office and issued a show cause notice stating ‘why he should not be dismissed’.
No money in Commerce Bank either
The central bank has also found evidence of widespread financial irregularities against Delwar in his new workplace, Commerce Bank. From 2023 to June last year, he withdrew 11 crore 94 lakh taka from the bank’s suspense account without vouchers and without considering his financial capacity.
Of this, 32 lakh 50 thousand taka was shown as agent commission and 12 lakh taka in other sectors. He did not submit any voucher to withdraw 78 lakh 50 thousand taka. Suspicious transactions of 2 crore 40 lakh and 18 lakh 11 thousand taka have been made from the sundry sector through the Khatunganj branch, which directly indicates money laundering.
Delwar’s cleaning and political digbaazi
Regarding the allegations, Delwar Hossain claims that he gave loans under pressure from the directors and that he was framed intentionally. His argument regarding the expenses of Commerce Bank is, “No one wants to keep deposits in a weak bank like ours, so these expenses were made with the approval of the higher-ups to bring deposits.” He claims himself innocent.
However, the most sensational thing is his current political position. During the previous Awami League government, he looted various privileges and immoral benefits while being close to power. But now, to escape his corruption and punishment, he has changed his political course overnight.
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It is known that to protect himself, he has now become the convener of an unauthorized ‘Zia Parishad’. There is criticism in relevant circles that he is desperately trying to get away with using this political cover.
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