Even though 11 years have already elapsed, the Anti-Corruption Commission (ACC) is yet to complete the investigation into non-funded part of the much-talked-about Hallmark Group-Sonali Bank loan scam, involving Tk 1,800 crore.
ACC sources said the anti-graft watchdog started the inquiry in 2012, following a complaint that Hallmark Group embezzled about Tk 3,700 crore from Sonali Bank’s Hotel Sheraton Branch in Dhaka through forged documents.
Later, the commission split the inquiry into two parts--funded and non-funded part. The investigation into funded part involving around Tk 2,000 crore was completed 11 years ago and a number of graft cases were also filed in this regard.
But the probe into non-funded part has not yet been completed even after 11 years.
ACC officials said the commission stopped the probe in April 2014 on the plea that a series of correspondences were taking place among Bangladesh Bank, Sonali Bank and ACC regarding the loan recovery.
Later, the probe restarted in February 2018 but it was also halted for the second time due to the reasons unknown, they added.
Finally in June 2020, the ACC resumed the inquiry into non-funded part of Hallmark Group-Sonali Bank scam as there was no recovery of the loan since 2013.
At that time, the ACC reconstituted the inquiry team, led by then director and now Director General (Special Investigation) Mir Joynul Abedin Shibli, to carry out the probe.
The other members of the eight-man committee are ACC deputy directors SM Akter Hamid Bhuyan, Mosiur Rahman and Selina Akter, assistant directors Md Joynal Abedin and Silvia Ferdous and deputy assistant directors Sahidur Rahman and Afnana Jannatul.
Talking to The Business Post, the members of the enquiry team said under non-funded part of the loan, at least 39 local and overseas banks provided facilities worth Tk 1,800 crore to Hallmark Group upon acceptance of Sonali Bank back-to-back letters of credit (LCs).
Out of the total, Tk 1,400 crore was paid by 39 banks to Hallmark Group and its companies but the rest of around Tk 400 crore could not be paid at that time due to legal complexities.
ACC officials said the latest inquiry team led by Joynul Abedin Shibli reopened the old files and resumed the inquiry.
During the probe, ACC found that 39 local and overseas banks issued facilities worth Tk 1,800 crore to Hallmark Group upon acceptance of Sonali Bank back-to-back LCs.
However, the bank officials did not scrutinize the papers of the loan applications submitted by Hallmark Group and they paid the money without valid papers.
A member of the enquire team told The Business Post that the involvement of around 100 officials of different banks was found with irregularities and they will be accused of their involvement with Tk 1,800 crore non-funded loans in favour of Hallmark Group.
He also said they are now preparing a note along with the findings to produce before the commission for taking the next course of action.
In 2012, the ACC started an investigation over Sonali Bank’s illegal lending of Tk 3,547 crore to little-known Hallmark Group and five other companies, and the people involved in the scam.
ACC took the initiative at the request of Bangladesh Bank to dig into the matter after it found the proof of massive irregularities in this regard.
The central bank investigation found that Sonali Bank’s Ruposhi Bangla Hotel branch lent Hallmark Group and five other companies Tk 3,547 crore between 2010 and May 2012 on fake documents.
The businesses embezzled the whole amount that belonged to depositors in collusion with some bank officials.
Of Tk 3,547 crore, Hallmark Group alone took away Tk 2,686.14 crore, T and Brothers Tk 609.69 crore, Paragon Group Tk 146.60 crore, Nakshi Knit Tk 66.36 crore, DN Sports Tk 33.25 crore and Khanjahan Ali Tk 4.96 crore. Of the six borrowers, Hallmark has been found to be the biggest fraudster.
The ACC on October 4, 2012, filed 11 cases with Ramna police station against seven Hallmark officials, including its managing director Tanvir Mahamud, and 20 Sonali Bank officials, including its former managing director Humayun Kabir, on charges of swindling around Tk 2,000 crore from the Sonali Bank.
On October 7, 2013, the ACC submitted charge sheets against 25 officials of Sonali Bank and the Hallmark Group including Hallmark’s Managing Director Tanvir Mahmud and his wife and also the group chairman Jasmin Islam.
A total of 38 cases were filed by the ACC over the Hallmark-Sonali bank loan scam. The cases are under trial with several Dhaka special judges courts.
