Ex-Standard Bank MD lands in jail

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October 30, 2022, 8:40 p.m.

Last modification: October 30, 2022, 8:46 p.m.

Mamun Ur Rashid, former managing director and CEO of Standard Bank. Photo: Collected

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Mamun Ur Rashid, former managing director and CEO of Standard Bank. Photo: Collected

A Dhaka court on Sunday sent Mamun Ur Rashid, a former managing director and CEO of Standard Bank, to jail in an embezzlement case.

Dhaka Metropolitan Senior Special Judge Md Asaduzzaman issued the order after Mamun went to court to seek bail.

On February 4, 2021, the Anti-Corruption Commission (ACC) filed a complaint against eight people, including the former Managing Director (MD) of Standard Bank (SB), for misappropriation of Tk4 crore.

The accused withdrew the money on behalf of a non-existent NGO.

According to the ACC investigation, the defendants used their positions to embezzle Tk4 crore in the name of a secured overdraft loan for a fictitious microcredit NGO and later laundered the money.

The other defendants are – Jesmin Rashid, Executive Director of Socheton Sahajjo Sangstha, its President Hasna Hena and its Secretary Nasrin Akter; former Manager of Pragati Sarani Branch of Standard Bank (currently Vice Chairman and Manager of Nikunjo Branch of Premier Bank) Shooiab Mahmud Tuhin, Senior Executive Sheikh Mohammad Monsurul Karim, Additional MD Tarikul Azam, Former Vice Chairman and ARCD of SB, Main Branch Md Aminul Islam.

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