ACC probing Lutfor Rahman for bourse manipulation

The Anti Corruption Commission (ACC) launched an investigation into the corruption allegations against former chairman of IFIC Bank Lutfor Rahman Badal, who has close ties with BNP.

The ACC took the investigation decision yesterday based on a complaint filed by one Md A Jabbar of the capital's Monipuripara.

There are allegations of amassing hundreds of crores taka illegally, especially through manipulating the share market, against Badal, says an ACC letter signed by its Deputy-Director Moloy Kumar Saha.

In 2011, Badal came under the scanner for his alleged involvement in the 2010 stock market scams  after the government formed a committee, led by a former Bangladesh Bank (BB) deputy governor Khandker Ibrahim Khaled, to probe the scams.

According to the probe report, 12 people, including Badal and his wife Shoma Alam Rahman, and two organisations swindled the share market out of Tk 460 crore.

In October last year, the BB removed Badal from the board of directors of IFIC Bank, citing his negligence in duty and alleging that he funded subversive activities.

He started his business by setting up a securities company in the mid-90s.

Contacted, Badal said he didn't understand on what basis the ACC started the investigation against him. "However, the investigation against me will have to be fair and unbiased. I have no property except those I mentioned in my tax file," he added.

The ACC also started investigation against Moon International Printing Press' Proprietor Mizanur Rahman for illegally amassing Tk 270 crore, and against Rupali Bank Managing Director M Farid Uddin and eight organisations for misappropriating about TK 1,000 crore.

A complainant, Abdur Rouf, alleged that Mizanur embezzled Tk 270 crore from Agrani Bank with the help of the bank's Motijheel principal branch officials.

Farid gave the money as loan to eight organisations--Index Power and Energy Ltd, Turag Agritex Ltd, Gazipur Papers Board Ltd, Shafiq Steel, Mafia Ship Brokers, Nasib Enterprise, Generator House SRS Shim Broker-- at different times showing fake documents and misappropriated the money, according to the bank's documents.