AB Bank Graft Case: Travel ban on two ex-officials lifted

Breaking Travel News:

A Dhaka court yesterday lifted a travel ban imposed on two former top officials of AB Bank for three months.

Metropolitan Magistrate Satyabrata Sikder lifted the travel ban on former chairman M Wahidul Haque and head of corporate Abu Hena Mostafa Kamal, in connection with a graft case filed against them for misappropriating Tk 165 crore from the bank between 2013 and 2014.

However, Anti-Corruption Commission (ACC) has taken initiatives to file an appeal against the court order, sources said.

ACC filed the graft case on January 25, 2018. The duo was arrested on the same day, but they later secured bail.

ACC is yet to submit the charge-sheet in the case. Contacted, anti-graft commission’s Assistant Director Gulshan Anowar Pradhan, said they will submit the charge sheet soon.

According to the case statement, on December 2013, the board of directors of AB Bank approved investment of $20 million in Singapore-based fundraising and investment company Pinnacle Global Fund Pte Ltd through the bank’s offshore banking unit (OBU).

In February 2014, OBU laundered the money to an account at the UAE-based Abu Dhabi Commercial Bank.

The account belonged to Cheng Bao General Trading LLC, which acted as a special purpose vehicle (SPV) or a mediator for Pinnacle Global Fund. Cheng Bao immediately withdrew the money and closed the account.