Businessman Sentenced to 11 Years for Embezzling Tk 47.5 Crore from AB Bank

A Chattogram court on Sunday sentenced a businessman to 11 years in prison for embezzling and laundering Tk 47.49 crore from the Jubilee Road branch of AB Bank Limited.

Judge Mizanur Rahman of the Chattogram Divisional Special Judge's Court delivered the verdict against Gias Uddin (alias Kusum), 53, owner of Tanha Steel in Sitakunda. The court acquitted another accused, Mohammad Nurunnabi, as the charges against him were not proven.

According to ACC Public Prosecutor Mukarram Hossain, the court awarded Gias Uddin five years under Section 409 of the Penal Code (criminal breach of trust), one year under Section 420 (cheating), and five years under the Prevention of Money Laundering Act, 2012.

The convict was also fined Tk 47.49 crore—the exact amount embezzled. Failure to pay will result in an additional year of rigorous imprisonment. Gias Uddin remains at large, and the court has issued an arrest warrant for his apprehension.

The investigation revealed that Gias Uddin used foreign and local Letters of Credit (LCs) to withdraw the funds. Instead of keeping the imported goods under bank supervision as required, he sold or diverted them and failed to repay the loan.

The legal process began on March 13, 2014, when an AB Bank official filed the initial case at Kotwali Police Station. Following an investigation and the testimony of 12 witnesses, the court framed charges in November 2021, leading to today's conviction.