A Dhaka court today (October 30, 2022) sent Mamun Ur Rashid, former managing director (MD) and chief executive officer (CEO) of Standard Bank Limited, to jail after rejecting his bail in a case filed over embezzlement of Tk 4 crore.

Dhaka Metropolitan Senior Special Judge Md Asaduzzaman passed the order after the bank official surrendered before it, seeking bail in the case.

On February 4 last year, Muhammad Zainal Abedin, Assistant Director of the ACC, filed a case with its Integrated District Office, Dhaka-1.

In the case, eight people including Standard Bank officials were made accused.

According to the case statement, the accused in collusion with others misused their power and embezzled Tk 4 crore in the name of SOD loan in favor of the alleged microcredit disbursing NGO and later embezzled the loan amount without disbursing any microcredit.