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The investigation into various allegations against 22 companies belonging to the AnonTex Group, including a loan scam of about 5 thousand crore taka, appears to be continuing indefinitely.
The Anti-Corruption Commission (ACC) has been unable to make significant progress despite forming multiple enquiry teams. So far, four inquiry teams have been formed.
The ACC is also scrutinising the possible negligence of bank officials in transferring this money from Janata Bank. Additionally, an enquiry is underway to determine whether there have been violations of law and policy in sanctioning the loans.
Similar to the previous two inquiry teams, the third team has submitted a report recommending the closure of the dispute. ACC Deputy Directors Abdul Mazed and Mostafizur Rahman submitted this report, stating that the allegations were not proven on record during the investigation. However, the commission appointed Deputy Director Nazmul Hussain and Assistant Director Mohammad Noor Alam Siddiqui to re-explore several queries. According to ACC sources, two other teams had previously investigated the same complaint.
The ACC enquiry also includes the former managing director and chief executive officer of Janata Bank Abdus Salam Azad, former chairman Abul Barkat, and former general manager of Janata Bank corporate branch and branch in-charge Ahmed Shahnoor.
The commission has also asked to know whether the procedures outlined in the guidelines of Bangladesh Bank and Janata Bank were followed when granting loans, whether the loans were used for their intended purposes, whether money laundering occurred, whether the security was adequate, and whether the bank had the authority to waive interest. The investigation is also examining whether the parties involved had the power to grant the loan.
Furthermore, it is being investigated whether Simi KnitTex and Gat KnitTex project loans are exempted from the purchase of foreign machinery but collected through indenture instead of import from abroad. The ACC is scrutinising whether the decisions of the bank's board of directors regarding the loan were legal and whether the decisions were implemented. The 20 institutions of AnonTex Group have a balance of 5 thousand 768 crore 52 lakh taka, while the bank's capital is 4 thousand 170 crore taka. The commission said that the incomplete enquiry report has been submitted without reviewing and addressing these issues. Consequently, the officials of the investigation team have been asked to show cause and constitute a new enquiry team.
According to ACC sources, the team has already provided a show cause reply.
Additionally, it was proposed in the commission meeting to submit a re-enquiry report after clarifying a few issues. These include the names of the AnonTex Group companies, the amount of money taken from the bank in the name of these companies, the applicants of the loans and their objectives, the type of loan, and the current status of the loan company.
A detailed explanation was asked for each loan, addressing whether it was disbursed with adequate collateral following proper rules and whether the conditions of each loan allotment were properly followed.
The proposal made in the commission meeting has also asked to review the bank statements of the loans taken in the name of AnonTex Group companies according to ‘follow the money’, precisely detailing how the loan money was spent, and determining the beneficial owner. Clear explanations were sought for whether large amounts of non-funded loans have been converted into funded loans following appropriate rules for each loan.
It further asked an explanation of the amount of down payment required for each loan rescheduling, the amount of down payment deposited by the customer, and whether the necessary conditions for each loan rescheduling have been properly complied with should also be clarified. Particulars of land/property mortgaged against each loan, including value, should be presented in tabular form.
The enquiry also aims to determine whether the loan money taken has been smuggled abroad through the concerned person or institution and to determine the responsibilities of the officers involved in the loan approval and disbursement process for each loan.
According to the enquiry report, after rescheduling and restructuring the loans, the borrower has paid a total deposit of Tk 145,04,76,329.85 from December 1, 2022, to February 9, 2023.
In the overall review, the ACC found that till June 30, 2022, the total collateral/co-collateral of 22 companies of AnonTex Group amounted to Tk 4573.6 crore, with a sanctioned loan amount of Tk 3,862.95 crore. The disbursed/created loan amount was Tk 5,083.08 crore, the amount of repaid loan was Tk 1,572.69 crore, outstanding interest amount was Tk 2,719.47, the outstanding principal amount was Tk 4,968.52, and the amount of principal with interest was Tk 7,664.73.
Janata Bank Corporate Branch Manager (GM) Ashraful Alam and DGM Liton Chowdhury informed the ACC that any loan interest waiver is usually done for 12 months. However, in this case, approval is given for the first 6 months. Later, in response to the customer's request to extend the time for another 6 months, the loan repayment deadline is set for December 31, 2023. The waiver of interest till date has been approved by the committee, which will be finalised in the next board meeting. The ACC enquiry team, in their report, mentioned that since Janata Bank Ltd has waived interest of Tk 3359.19 crores for 18 entities belonging to AnonTex and set a deadline for repayment of the outstanding amount of 4819.73 crores, the loan is not currently classified.
Examining the evolution of loans granted by Janata Bank Limited in favour of 22 institutions belonging to the AnonTex Group, it can be seen that until August 25, 2013, loans of Tk 1941.98 crore were granted in favour of 10 institutions. On that date, the debt status of 10 institutions was Tk 1453.29 crore. Later, loans were disbursed in favour of 12 more institutions, and as of December 31, 2017, the total loan balance in favour of 22 institutions was Tk 3318 crore and stood at 6,526.57 crore as of September 30, 2020. The reason behind this can be said to be that from 2013 to 2017, several non-funded liabilities were created in favour of AnonTex Group companies, including loans in favour of 12 new companies. Due to the obligation of UCPDC (Uniform Customs and Practice for Documentary Credits) regarding foreign trade transactions, the liability of that organisation increased in 2018 for payment and interest to foreign banks. Out of Tk 6,526.57 crore, around Tk 1,800 crore has been regularised in 2019 through rescheduling.
When attempts were made to contact Yunus Badal, the chairman and managing director of AnonTex Group, over his mobile phone number to enquire about the complaint, he denied his identity and ended the call. Additional attempts to his alternative number were not answered. Later, messages were sent to the WhatsApp account of both numbers and email address, but there was no response.
A senior official in the ACC, who didn’t want to be named, told The Daily Messenger, “The ACC is successful in covering up crimes by teaming up with others instead of conducting investigations. They are looking into banking irregularities and corruption with inexperienced officers. Former chairmen of the bank, influential individuals, and customers have joined forces with incompetent individuals using political influence. After a specified period, the investigation can be terminated without finding any more evidence. In this way, the ACC is harming the country and the nation by keeping numerous complaints in deep freeze. Procrastination is the main issue.”
Messenger/Disha
