FAS Finance and Investment Limited. Photo : TDM
The officials of FAS Finance and Investment Limited embezzled the money that they gave as loans to buy flats. The Anti-Corruption Commission (ACC) has found the involvement of five people of the company, including a former managing director, who fradulently sanctioned loans with fake and forged documents. A case was filed against them on August 22 by ACC Deputy Assistant Director (DAD) Mohammad Shamim Khandkar.
According to the case statement of the ACC, on October 2, 2014, Rahman Mostafiz applied to the managing director of FAS Finance for a loan of Tk 1 crore to buy two flats of 2,670 square feet from Shuneer Sarkar Palace of Shuneer Developers and Consultants Limited at Shah Alibagh in Mirpur.
On February 11, 2015, managing director Russell Shahriar prepared a board memo for sanctioning a loan of Tk 90 lakh to Rahman Mostafiz and included it in the agenda of the 95th board meeting held on February 16. He submitted the application for the consideration of the Board of Directors through the in-charge officer of the credit department, without conducting site inspection, and without receiving the valuation report of the proposed flat, without verifying the repayment capacity of the customer and showing the CIB report standard of the borrower. By exerting personal influence on the members of the board of directors, he approved a loan of 60 lakh taka on the condition of repayment in 144 months with 16 percent monthly interest. Later, Rahman sanctioned a loan of 45 lakh taka in the name of Mostafiz on the condition of repayment in 120 months in monthly installments of 75,381 taka with 16 percent interest. The approval letter was signed by Vice President Azimul Haque and Managing Director Russell Shahriar.
The then officer Awal Hossain and senior officer Faisal Alam prepared and signed the charge documents on April 30, 2015 with fake and false information as per the terms of the sanction letter. Credit unit officer Awal Hossain prepared fake documents and prepared disbursement memo recommending payment of account payee cheque of Tk 45 lakh on May 5. The memo was recommended by Head of SME Finance Azimul Haque and CFO Moniruzzaman Akon and approved by Russell Shahriar.
According to ACC, all records related to loans are verified by the responsible officer of the credit department and managing director of the concerned institution. As a result, the chairman of the board of directors and directors do not need to scrutinize.
Concerned officers of FAS Finance opened an account in FAS Finance in connivance with former VP and Manager of NRB Global Bank Dhanmondi Branch Nizam Uddin, SPO and General Banking In-charge of the same branch Mohin Uddin, Trainee Assistant Officer of the same branch currently Senior Officer of Global Islami Bank Munshiganj Al Amin Bazar Branch Noor Karim and introducer Moktar Hossain Patwari on February 22, 2015 without verifying the photograph, voter ID card and trade license provided by the cohorts.
In that account, Tk 45 lakh were withdrawn through four cheques. The loan amount was not repaid in monthly installments. As a result, till March 16, 2023, a total amount of Tk 1 crore 32 lakh 68 thousand including unpaid interest of Tk 87 lakh 68 thousand and principal amount of Tk 45 lakh.
In the case, former Managing Director of FAS Finance and Investment Limited Russell Shahriar, Head of SME Finance Azimul Haque, former VP and CFO Moniruzzaman Akon, former senior officer Faisal Alam and former officer Awal Hossain; Nizam Uddin, Mohin Uddin and Noor Karim of NRB Global Bank and Moktar Hossain Patwari have been made accused.
Regarding the complaint, Company Secretary of the listed company in the capital market FAS Finance and Investment Ltd Zahid Mahmud told The Daily Messenger, "I have joined for a month, I am not aware of the matter."
It is said in the case statement that the Principal Officer of FAS Finance MM Tariqul Islam filed a complaint with the ACC against six people including former Managing Director Russel Shahriar for sanctioning loan by submitting forged documents. The Commission appointed Deputy Assistant Director Mohammad Shamim Khandkar as enquiry Officer on December 18, 2022. After the enquiry, he filed the case in the integrated district office (Dhaka-1) of the ACC.
TDM/SD
