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The Anti-Corruption Commission on Thursday filed a case against 30 people, including Exim Bank PLC chair Md Nazrul Islam Swapan, managing director Mohammad Feroz Hossain, and former chair Nazrul Islam Mazumder, on charges of embezzling Tk 615.75 crore by taking loans in name of a shell company.

ACC deputy director Md Al-Amin filed the case with its Integrated District Office in Dhaka-1, said ACC director general (prevention) Akhtar Hossain at a press briefing in the city on the day.

Earlier, the commission on Monday filed a case against 21 people, including Exim Bank chair Nazrul Islam Swapan, managing director Mohammad Feroz Hossain, and the bank’s former chair and NASSA Group chair Nazrul Islam Mazumder, on the charge of stealing Tk 857 crore from the bank in the form of loan for ‘Madina Dates and Nuts’.

According to the Thursday case statement, the actual beneficiaries of the shell company loan — taken in the name of paper-based ‘Flamingo Enterprise’ company — were former Exim Bank chair and NASSA Group chief Nazrul Islam Mazumder, and his family members.

The other accused in the case are Nasrin Islam, Md Nurul Amin, Anjan Kumar Saha, directors of Exim Bank, Md Abdullah, former director, Md Nazmus Salehin and Miah Mohammad Kawshar Alam, former independent directors, Md Mosharaf Hossain, proprietor of ‘Flamingo Enterprise’, Walid Ibne Islam and Anika Islam, managing directors of NASSA Basics Ltd, Mojammel Hossain, proprietor of ‘Madina Dates and Nuts’, Md Abul Kalam Azad, proprietor of ‘Jannat Enterprise’, Abul Kalam Bhuiyan, deputy managing director of ‘MNC Apparels Ltd’, Md Ashraful Haque, senior vice-president and manager of EXIM Bank, Abdullah Al Mamun, AVP and second officer, Md Humayun Kader Himu, former senor principal officer and investment officer, Md Monowar Hossain, vice-president and former manager, Mefta Uddin Khan, former SVP, Md Shahidul Islam, principal officer, Shirina Akter, SPO and investment relationship officer, Md Arman Hossain, vice-president, Md Anisul Alam, former executive vice-president, Md Israil Khan, additional deputy managing director, Md Moydul Islam, additional deputy managing director, Maksuda Khanom, and Md Jasim Uddin Bhuiyan, deputy managing directors, Shah Md Abdul Bari, former additional managing director, Md Humayun Kabir, former AMD.

The case statement also said that EXIM Bank disbursed the huge amount of loan without any real verification, inspection, or adequate collateral. Without being used for legitimate business purposes, the borrowed money was transferred into accounts of the NASA Group and its affiliates through paper transactions and money laundering.

Bank officials knowingly facilitated the approval and disbursement of the loan for personal gains, said the case statement.

The case statement also stated that one Md Mosharaf Hossain opened a current account at EXIM Bank’s Tower Branch in the name of ‘Flamingo Enterprise’ by depositing only Tk 10,000 on April 16, 2023.

Just three days earlier, on April 13, 2023, a trade licence was collected from the Dhaka North City Corporation, showing that the business would start under the trade licence on April 6, 2024. The NASA Group address was listed as both the business and owner addresses, it said.

Between July 2023 and July 2024, loans amounting to Tk 615.75 crore were approved and disbursed step by step in the name of ‘Flamingo Enterprise’.

After the disbursement, attempts were made to legalise the funds using fake bills and cash memos. In reality, the money was withdrawn through cheques signed by Mosharaf Hossain and transferred to accounts of the NASSA Group’s employees and close associates.

Later, the funds were re-deposited or transferred into accounts of various NASSA Group entities, including Madina Dates and Nuts and MNC Apparels Ltd. The remaining amounts were converted into pay orders in the names of different individuals.

Officials of EXIM Bank’s Tower Branch recommended loan approvals based only on pledged goods, without verifying the client’s business activities, stock inspection, profit-loss analysis, or turnover.

Regional and head office officials endorsed the loan proposals without scrutiny and forwarded them to the board, which approved the loans without raising any objections.

Citing documents, transactions, and evidence, the Anti-Corruption Commission said, ‘Flamingo Enterprise was essentially a paper company of the NASSA Group. With the help of EXIM Bank officials, a total of Tk 615.75 crore was embezzled through this entity, primarily for the sake of NASSA Group chair Nazrul Islam Mazumder and his family.’