A clique of local importers in collusion with bank officials has swindled Islami Bank Bogra Branch out of some Tk 12 crore using fake letters of credit, as has been detected recently.

The bank has filed a case against the importers, namely Md Rajanur Rahman, his mother Jarina Khatun, AFM Jakaria and Begum Fazilatunnesa, and also sacked their accomplices Ershad Ali and Sarwar Hossain, senior officials of the branch, bank sources said.

According to the sources, a few years ago Islami Bank Bogra Branch lent Tk 4 crore to Rajanur, with which he opened a number of LCs to import rice, wheat and others food-grains. Later, he opened some more LCs over-drawing Tk 90 lakh with the help of the two bank officials. He then sold the imported goods in the open market without informing the bank authorities as required.

Rajanur did not stop there. He next opened at least 17 fake LCs for Tk 3 crore against the names of other account holders of the branch, including Toyota Motors, Haque Enterprises and Faruk Enterprises, in connivance with some bank officials including Ershad and Sarwar. Again he sold all the goods imported under the fake LCs and pocketed the proceeds.

Sources said Rajanur will have to pay back at least Tk 12 crore including interests to the bank. The bank also will lodge more cases against him and his partners if departmental investigations find their involvement in other criminal acts.