Embezzling Tk 1.61cr: 7 including ex-DMD of ICB Islamic Bank sentenced to 10 years

A Dhaka court today sentenced seven people, including a former deputy managing director (DMD), of then Oriental Bank (now named ICB Islamic Bank Ltd) to 10 years' rigorous imprisonment each in a case filed over embezzling of Tk 1.61 crore.

The convicted officials are: former DMD Imam Ul Haque, former Senior Vice-president (VP) Shah Mohammad Harun, former Senior AVP Abul Kashem Mahmudullah, former AVP Fazlur Rahman, former Executive Officer Torikul Alam, former Senior Executive VP Mahmud Hossain and former Executive VP Quamrul Islam.

Of them, Imam Ul Haque is now in jail while the rest are on the run.

Judge Md Shahidul Islam of the Special Judge Court-7 of Dhaka handed down the sentence in presence of the accused Imam Ul Haque.

The judge issued arrest warrant against the fugitives and the punishment of the fugitives will be effective from the day of their surrender or arrest, the judge added.

The judge fined them Tk 20,000 each in default of which they will have to suffer one year more in jail.

The judge also directed the authorities concerned to confiscate Tk 1,61,71,523 in favour of the state.

According to the prosecution, it was alleged that Imam Ul Haque in collaboration with other accused misappropriated Tk 95 lakh from the bank in 2005 which stood at Tk 1,61,71,523 in 2010.

Later on October 28 of 2015, Md Jahangir Alam, an assistant director of the Anti-Corruption Commission, filed a corruption case against Imam Ul Haque and six others with Motijheel Police Station.