The High Court yesterday cancelled the bail of businessman Syed Mozaffar Hossain in a case filed for misappropriating Tk 141 crore from BASIC Bank, and ordered him to surrender to the trial court immediately.
The HC bench of Justice Md Nazrul Islam Talukder and Justice KM Hafizul Alam dismissed a bail petition filed by Mozaffar, director of IG Navigation Ltd.
Deputy Attorney General AKM Amin Uddin Manik said Mozaffar took Tk 75 crore loan from the bank’s Agrabad Branch in Chattogram in 2010 by mortgaging an old ship worth Tk 12 crore. The amount stands at Tk 141 crore with interest till 2018, but Mozaffar did not pay any amount.
Anti-Corruption Commission filed a case with Double Mooring Police Station against him on January 10, 2018.
DAG Manik said following a bail petition by Mozaffar, the HC on April 6, 2018 granted him six months’ bail. The Appellate Division of the Supreme Court later upheld the bail on condition that he will reimburse Tk 25 crore to the bank, but since he did not do so, the HC yesterday ordered him to surrender, DAG Manik added.