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The Dhaka Mercantile Cooperative Bank (DMCB) Limited’s former Chairman Shihan Abrar Chowdhury has been accused of misappropriating depositors' money under the guise of taking loans from the DMCB.
He used these ill-gotten gains to purchase properties, including flats and land, which was registered in his name. Additionally, he rented out one of these flats to Dhaka Mercantile Cooperative and even used the embezzled funds to establish a hotel named ‘Windy Terrace Hotel’ in Cox’s Bazar – thereby embezzling an estimated 09 crore 25 lakh taka. Also, he accumulated wealth beyond his known income, which amounted to Tk 99 lakh 51 thousand 982.
This startling information has come to the fore once again as the Anti-Corruption Commission (ACC), which filed two cases against him nearly three years ago, is yet to finish investigation in this regard.
ACC sources have confirmed that the investigation into these cases, which were filed back in 2020, are still going on and have not yet been concluded.
The sources also revealed that the cooperative company’s influence is so apparent that a deputy director of the ACC was transferred from the ACC Head Office to an integrated district office upon DMCB lobby after relevant documents were seized during the investigation. In yet another case, a senior ACC official reportedly instructed the investigation officer to proceed on with the investigation at a deliberately slow pace.
According to the ACC sources, two flats were purchased in Gulshan using Tk 3 crore from Mercantile Cooperative Bank. These two flats were later rented out to Mercantile Cooperative for Tk 15 lakh per month.
Regrettably, the borrower in this case, Shihan Abrar Chowdhury, has neither made any investment nor repaid the loan in this regard. Similarly, in the case of the hotel, the borrower has not made any investment or repaid the loan as well.
According to ACC sources, a cheque of Tk 3 crore was issued on 14 July 2011 in the name of Afzar Hossain and Shaheda Khatun from the SOD account of 'The Dhaka Mercantile Cooperative Bank Limited' at the Gulshan Branch of Bangladesh Commerce Bank Limited. The cheque was issued by DMCB Vice Chairman Belayet Hossain and Managing Director (MD) Shamsun Nahar on behalf of Dhaka Mercantile Cooperative Bank. This three-crore taka amount was also encashed on July 17 of the same year through an account held in the names of Afzar Hossain and Shaheda Khatun at the Standard Bank Pragati Smarani branch.
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Afzar Hossain, the recipient of the Tk 3 crore cheque, informed the ACC that he purchased a 2,150-square feet flat with car parking and common area on the ground floor of a six-storied building in Gulshan, along with two 2,350-square feet flat on the north-west side of the same building, including car parking and common area, in the name of his wife Shaheda Khatun.
Subsequently, the flats were sold to Shihan Abrar Chowdhury for a total amount of Tk 4 crore 50 lakh. However, DMCB informed the ACC that Chairman Shihan Abrar Chowdhury received Tk 3 crore as loan.
On 2nd December 2013, a cheque amounting to Tk 6 crore 25 lakh was issued in the name of Windy Terrace Hotel from the SOD account, which was held in the name of 'Dhaka Mercantile Co-operative Bank Limited' at the National Bank Limited’s Gulshan branch. This amount was also cashed on the same day through an account named Windy Terrace at the City Bank Gulshan Avenue branch.
Aminul Islam, the proprietor of Windy Terrace and the recipient of the Tk 6 crore 25 lakh cheque, informed the ACC that he paid a total of Tk 5 crore 44 lakh for the sale of 7.5 katha viti land in Jhilongja Mauza, Cox's Bazar Sadar, to Shihan Abrar Chowdhury on June 4, 2004, including Tk 81 lakh for registration expenses. He mentioned that he provided Tk 6 crore in total, and the land was developed with a structure comprising five stories, supported by an eight-story foundation, which eventually became the Windy Terrace Hotel.
However, the ACC received information from the Dhaka Mercantile Cooperative Bank suggesting that Chairman Shihan Abrar Chowdhury received the sum of 6 crore 25 lakh taka as a loan.
Throughout the investigation, the ACC was unable to locate any records pertaining to the application, approval, or repayment of the loan amounting to Tk 9 crore 25 lakh that had been granted to Chairman Shihan Abrar Chowdhury. The ACC's findings indicate that, in their view, Shihan Abrar Chowdhury, in his capacity as the chairman, illicitly misappropriated these funds by falsely representing the depositors' funds as loans, with the assistance of Vice Chairman Belayet Hossain and Managing Director Shamsun Nahar. These misappropriated funds were then used by him to amass personal wealth in his own name.
According to the Windy Terrace Hotel's website, the Ministry of Civil Aviation and Tourism granted a three-star license to Windy Terrace Hotel, Cox's Bazar, on 24 September 2020.
According to The Dhaka Mercantile Cooperative, the owner of Windy Terrace Hotel is now Abu Zafar Chowdhury, who is the Chief Custodian of Mercantile Cooperative Bank. He is also the father of Shihan Abrar Chowdhury, who now lives in Canada. He owned it previously. Meanwhile, DMCB’s Vice Chairman Belayet Hossain already passed away.
Read more: Deputy Director of ACC transferred due to seizure of records
The case of embezzlement of Tk 9 crore 25 lakh was filed by ACC Deputy Director Salauddin in January 2020. Another Deputy Director was later assigned to investigate it. After his transfer, another Deputy Director has now been appointed as the investigator.
Former Chairman Shihan Abrar Chowdhury, Vice Chairman Belayet Hossain and Managing Director (MD) Shamsun Nahar were accused in the case.
Shihan Abrar Chowdhury is also facing allegations in another case filed by ACC Deputy Assistant Director Mohammad Shahjahan Miraj on January 23, 2020. Another Assistant Director was later assigned to investigate it.
The accusation in this case pertains to Shihan Abrar Chowdhury allegedly understating his assets by 1 crore 48 lakh 34 thousand 151 taka in his asset declaration, in addition to acquiring assets beyond his known income, amounting to 99 lakh 51 thousand 982 taka.
Monirul Islam Tufan, the DMCB's Public Relations Officer, informed The Daily Messenger that he had no knowledge of this matter.
DMCB’s Deputy Managing Director Mr Alamgir, when questioned about the issue, responded by saying that he didn't see the case as an issue and redirected the inquiry to Adviser (Public Relations) Brigadier General AKM Shamsuddin. However, when asked for Brigadier General AKM Shamsuddin's mobile number, he abruptly cut off the call.
When asked, MB Ruslan Tariq Tamvi, In-Charge of the DMCB’s public relations department, told The Daily Messenger, "I’s yet to complete my two years of stay here. I don't even deal with these issues. My boss Brigadier General AKM Shamsuddin Sir will tell you about these.”
Later, when he was asked for AKM Shamsuddin's mobile number, he expressed his inability to provide this correspondent with the required phone number.
Messenger/Disha
