Premier Leasing, Mercantile Bank under ACC scrutiny

The Anti-Corruption Commission (ACC) will investigate allegations of embezzling huge sum of money against against Premier Leasing and Finance Limited and irregularities in loan disbursement against Mercantile Bank Limited.

ACC Director of Public Relations Pranab Kumar Bhattachariya confirmed the development to The Business Post.

Deputy Director Asharafun Nahar has been tasked with the investigation while deputy Assistant Director Md Shahjahan Miraz will help assist in the investigation.

ACC opened the investigation amid allegations that Premier leasing was struggling to refund the deposits of the clients and most of its loans were being defaulted.

ACC sources said, Firoz Alam embezzled thousand of crores from Premier leasing under fake accounts using his power in the organisation, and later laundered the money.

He also gained vast sum of money by showing loan distribution from Mercantile Bank which was mostly granted without proper authorization and vetting.

According to a statement of Premier Leasing, its loan default is rate only is one-third. But ACC believes its loan default rate reaches more than half of its total capital.

Moreover, most of the leading lenders of Premier leasing became defaulters which ACC believes is a scam with Firoz Alam behind it.

Premier Leasing started its journey in 2001 with Taka 807 crore as capital and disbursed Taka 1,250 crore till today as loan among the consumers.

Lion shares of the distributed money became defaulted and Premier leasing is in pressure from the investors to return the money.

sh/zn