WorldTel boss Nayeem arrested for swindling | The Daily Star
12:00 AM, November 06, 2007 / LAST MODIFIED: 12:00 AM, November 06, 2007

WorldTel boss Nayeem arrested for swindling

The Rapid Action Battalion (Rab) yesterday arrested Mohammad Nayeem Mehtab Chowdhury, self-declared managing director of WorldTel Bangladesh Limited (WTBL), on charge of swindling Tk 46 crore out of two banks.
In 2005, he took out loans of Tk 15 crore and Tk 31 crore from Motijheel braches of Sonali Bank and National Bank of Pakistan, forging signature of Sam Pitroda, chairman of WorldTel Holdings Ltd (WTHL).
A team of Rab intelligence wing led by senior Assistant Superintendent of Police Taslima Khatun made the arrest at Nayeem's Gulshan residence at around 8:30am, said Rab officials at a press conference yesterday evening.
Earlier on June 11 in 2007, WorldTel Bangladesh Holdings (WTBH) Chairman Amzad H Khan filed a case against him with Motijheel Police Station, said Rab-3 Commanding Officer Sultan Mohammad Noorani said reading a statement.
He said Nayeem Mehtab Chowdhury is also the managing director of World Communication Investment Inc (WCII), which is registered in British Virgin Islands.
Of the shares in WorldTel Bangladesh, WCII held 43.32 percent and WTBH, registered in Bangladesh, owned 56.68 percent.
In collusion with the then state minister for home Lutfozzaman Babar, Nayeem and his two aides had 3,55,000 illegal shares registered by the Joint Stock Registrar. They issued the shares each at Tk 1,000 but appropriated the entire Tk 35.50 crore in the name of World Communication Investment Inc.
Not a single penny came to Bangladesh as foreign investment through WTBL.
Nayeem who was produced at the press conference at Muktijoddha Murad Community Centre of Tikatuli said he gave Babar shares worth Tk 7 crore through Badal of Singapore, a common friend of his and the ex-state minister's.
He said Babar had told him that Tarique Rahman, now detained senior joint secretary general of BNP and elder son of former premier Khaleda Zia, too had a share of the pie.
He however claimed that he never met Tarique.
“We took the case as a challenge. Our investigation of four months proved that Nayeem and his two aides siphoned off the money through sheer forgery and political connections,” Sultan Mohammad Noorani observed.

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