The Anti-Corruption Commission (ACC) has officially approved a chargesheet against former Land Minister Saifuzzaman Chowdhury, his wife Rukhmila Zaman, and 33 others. The charges involve the embezzlement of Tk 23 crore through a fraudulent loan scheme at United Commercial Bank (UCB).
The approval was granted at the ACC headquarters on Monday, March 2, 2026. The case, originally filed on August 7, 2025, is expected to be submitted to the court shortly.
The Nature of the Fraud
According to the investigation report, the accused orchestrated a sophisticated “paper-only” company scam. A shell entity named Progressive Trading was used to open an account at UCB’s Karwan Bazar branch without any proper verification.
Key findings from the investigation include:
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Fake Owners: Employees of Saifuzzaman Chowdhury’s own Aramit Group were presented as owners of these shell companies. This included an Assistant Manager (Accounts), an Assistant General Manager (AGM), and even a peon from Aramit Cement Ltd.
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Collusion: Branch officials allegedly prepared false inspection reports. Despite negative observations from the head office’s credit committee, the 424th Board of Directors meeting approved the Tk 23 crore loan.
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Money Laundering: The funds were subsequently withdrawn in cash and transferred through various channels to hide the trail of the crime.
High-Profile Accused
The chargesheet names 35 individuals, primarily top brass from UCB and associates of the former minister. Notable names include:
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Saifuzzaman Chowdhury: Former Land Minister.
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Rukhmila Zaman: Former Chairman of UCB and wife of Saifuzzaman.
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Bazal Ahmed Babul: Former Vice Chairman of UCB.
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Abul Ehtesham Abdul Muhaimen: Former Managing Director.
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Bank Officials: Several former directors, senior executive officers, and branch managers.
Notably, former director Sharif Zahir was excluded from the final chargesheet following the investigation.
Global Assets Under Scrutiny
The domestic investigation gained momentum following an Al Jazeera documentary titled “The Minister’s Millions” in September 2024. The report alleged that Saifuzzaman Chowdhury owns a global property empire worth approximately $500 million, including over 360 houses in the UK alone.
In response, Bangladeshi courts have already issued several orders:
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Property Seizure: Attachment of 343 properties in the UK, 228 in the UAE, and 9 in the USA.
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Bank Freeze: Blocking 39 bank accounts belonging to the family, containing approximately Tk 5.26 crore.
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Asset Freeze: Seizure of 957 bighas of land and shares worth Tk 102 crore.
Legal Implications
The accused face charges under various sections of the Penal Code 1860, the Prevention of Corruption Act 1947, and the Money Laundering Prevention Act 2012. These include criminal breach of trust, cheating, forgery, and abuse of power.
