The Anti-Corruption Commission (ACC) has filed a case against the former Managing Director and another former official of Uttara Finance and Investments Limited (UFIL) for allegedly embezzling approximately Tk 4.83 crore using fake and unauthorized vouchers.
The case was filed on Sunday (February 8, 2026) at the ACC Integrated District Office, Dhaka, with the commission’s official, Md. Ahsan Uddin, appearing as the complainant.
The Accused
The two individuals named in the First Information Report (FIR) are:
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S.M. Shamsul Arefin: Former Managing Director of Uttara Finance and Investments Limited.
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Mithu Kumar Saha: Former official of the same institution.
Nature of the Allegations
According to the case statement, the accused individuals allegedly abused their official positions and colluded to withdraw cash from the company’s funds without prior approval from the management authorities.
The ACC investigation revealed that a total of Tk 4,83,12,125 was misappropriated through the use of fraudulent and unauthorized vouchers. Furthermore, the investigation found that the majority of these transactions were conducted in cash rather than through scheduled banks. This practice is a direct violation of the FID Circular issued by Bangladesh Bank, which mandates transparent banking channels for such financial activities.
Legal Charges
The commission has charged the duo under the following sections:
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Sections 409, 420, and 109 of the Penal Code, 1860 (relating to criminal breach of trust by a public servant/banker, cheating, and abetment).
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Section 5(2) of the Prevention of Corruption Act, 1947.
