The Anti-Corruption Commission on Sunday filed a case against Bengal Group chairman and former lawmaker Morshed Alam, along with two others, on charges of embezzling nearly Tk 3 crore through the manipulation of a land purchase deal.
The ACC filed the case following approval of the commission said the ACC director general Akhter Hossain at a press briefing on Sunday.
According to the case statement, Morshed Alam, a former lawmaker from Noakhali-2 constituency, during his tenure as chairman of National Life Insurance Company, initiated a land purchase in Noakhali for the company鈥檚 area office.
It is alleged that he concealed the fact that the land was being bought from Bengal Concept and Holdings Ltd., a company owned by his own son and brother.
The ACC鈥檚 inquiry revealed that although the fair market value of the land was Tk 3.78 crore, a payment of Tk 6.65 crore was made 鈥� resulting in the misappropriation of Tk 2.86 crore.
Alongside Morshed Alam, the ACC has named his son Saiful Alam, managing director of Bengal Concept and Holdings Ltd., and his brother Jashim Uddin, chairman of the same company, as accused in the case.
The ACC stated that the transaction was a clear abuse of power and an act of financial fraud, with the accused allegedly benefiting from a deliberate overvaluation of the land.