UCB Money Laundering Case Two Former Directors Sent to Jail

A Chittagong court on Wednesday (March 31) sent two former directors of United Commercial Bank (UCB) to jail in connection with a Tk 250 million embezzlement and money laundering case.

The accused, Aparup Chowdhury (65) and Towhid Sipar Rafiquzzaman (66), surrendered before the Chittagong Divisional Special Judge’s Court and applied for bail. Judge Mizanur Rahman rejected their pleas and ordered them into custody.

The case, filed by the Anti-Corruption Commission (ACC), involves the fraudulent withdrawal of Tk 250 million. According to the charge sheet, the funds were embezzled between October 2019 and February 2020 through a shell company named 'Vision Trading.'

The investigation revealed that the loan was approved in the name of Farman Ullah Chowdhury, a protocol officer for the Aramit Group, who posed as a business owner. The money was allegedly siphoned off by former Land Minister Saifuzzaman Chowdhury Jabed and laundered abroad via hundi to purchase properties.

On March 11, the court framed charges against 36 individuals, including Saifuzzaman Chowdhury Jabed: Former Land Minister. Rukmila Zaman Former UCBL Chairman and wife of Jabed. Asifuzzaman Chowdhury & Roksana Zaman Chowdhury Former directors.

Former acting MD Arif Qadri and several senior executives. Multiple employees of Jabed’s family business.

The ACC initially filed the case in July 2025. Following an investigation by Deputy Director Md. Mashiur Rahman, a charge sheet was submitted identifying 36 accused and listing 92 witnesses. Two original suspects were dropped from the proceedings following their deaths.

The accused face charges under the Penal Code, the Prevention of Corruption Act, and the Prevention of Money Laundering Act. The next hearing is scheduled for April 5.