Shahed bribed Chisty, got a loan

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Bribe and loan – this is how Mahbubul Haque Chisty managed the now defunct Farmers Bank as the former chairman of the audit committee.

The financial health or repayment capacity of borrowers was not a factor.

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Therefore, it was easy for Regent Hospital President Mohammad Shahed, accused in a case filed for issuing fake Covid-19 certificates, to get away with a Tk 2 crore loan.

Shahed bribed Chisty – accused in five cases filed last year for illegally raising Tk 135.45 crore – Tk 35 lakh to get the loan, the Anti-Corruption Commission (ACC) found in its investigation.

Yesterday, ACC Deputy Deputy Director Mohammad Sahajahan Meraz filed a complaint against Shahed, Director General of Regent Ibrahim Khalil Hospital, Chisty and his son Rashedul Haque Chisty.

Rashedul was the Managing Director of Bakshiganj Jute Spinners and a founding shareholder of Farmers Bank, which is now known as Padma Bank.

Shahed was recently arrested by Rab and is accused in several cases of forgery.

According to the ACC case report, Shahed opened a checking account with the Gulshan Corporate Branch of Farmers Bank on January 11, 2015.

On the same day, he asked the branch manager for a loan of Tk 2 crore to purchase an MRI machine worth about Tk 3.4 crore for his hospital.

In his application, Shahed agreed to keep 1 crore of Tk FDR as a mortgage on the loan.

Without analyzing the credit risk rating and verifying Shahed’s financial ability to repay the loan or his business performance, the company’s branch sent a letter of recommendation to the corporate division of the main branch the next day to sanction the loan Tk 2 crore.

The next day, the bank’s credit risk management division submitted a memo to then-executive committee chairman Chisty detailing Shahed’s financial situation. Chisty approved the note the same day.

On January 15, 2015, during the 21st meeting of the committee chaired by Chisty, the note was produced and approved.

On January 18, the credit risk management division sent the loan approval letter to the Gulshan branch.

On the same day, Shahed deposited 35 lakh Tk in cash into Bakshiganj Jute Spinners Ltd account with Farmers Bank at Bakshiganj branch.

Chisty’s son Rashedul withdrew the money over two days – Jan. 18 and 20 – according to ACC.

“In the investigation, it is found that there was no business relationship between Bakshiganj Spinners Ltd and Regent Hospital. The deposit of 35 lakh Tk by the borrower before the loan was issued clearly indicates that Rashedul has accepted the bribe and with the help of his father sanctioned the loan, ”reads the First Information Report (FIR).

On January 19, the loan was granted to Shahed on the condition that the MRI machine and the 1 crore FDR Tk were kept as collateral.

On the same day, the Gulshan branch issued a Tk 2 crore payment order to MRI supplier Arby’s Medical Equipment.

The loan was cleared through the Uttara branch of Shahjalal Islami Bank on January 21, 2015.

The ACC found that no documents regarding the purchase of the MRI had been submitted to the bank, nor had the bank kept the MRI as a mortgage.

The ACC investigator found that the loan was not used to purchase the MRI. “The money was laundered and the bank issued the loan without keeping any collateral,” the FIR said.

Shahed did not repay the loan. Later the bank reconciled the loan with Tk 1 crore FDR. The total outstanding amount including loan and interest was Tk 2.71 crore on July 15, 2020.

Last week, ACC filed yet another lawsuit against Shahed and three others for embezzling a Tk 1.51 crore loan from NRB bank.

He took out the bank loan in November 2014.

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