A Dhaka court on Wednesday (July 23) granted a two-day remand for former Janata Bank Chairman Professor Abul Barakat in a case filed by the Anti-Corruption Commission (ACC) over an alleged Tk297 crore loan fraud.

Dhaka’s Additional Chief Metropolitan Magistrate Md Zakir Hossain passed the order after a hearing at the courtroom. Barakat was present while court’s hearing.

Earlier on July 11, the ACC’s investigation officer, Assistant Director Mohammad Shahjahan Miraj, filed a petition seeking a three-day remand. However, Dhaka Metropolitan Magistrate Md Jewel Rana ordered Barakat to be sent to jail, saying the remand hearing would take place later.

Professor Barakat was arrested from his residence on Road No. 3 in Dhaka’s Dhanmondi area on July 10 by a team of the Detective Branch (DB) of Dhaka Metropolitan Police.

The ACC filed the case on February 20 this year against Barakat and 22 others over alleged irregularities in sanctioning and disbursing Tk297.38 crore in loans through Janata Bank’s corporate branch at Janata Bhaban in Dhaka.

According to the case statement, the accused colluded to commit fraud and forgery by creating false documentation and using it as genuine. They allegedly approved loans in violation of Bangladesh Bank’s BRPD Circular No. 05/2005 and the bank’s Memorandum of Understanding (MoU), inflating the value of mortgaged land to secure and disburse the loans.

The ACC alleges that the borrowers, linked to AnonTex Group, falsely showed buildings or factories on mortgaged land despite no such structures existing at the time. Land purchased at Tk3.04 crore was allegedly overvalued at Tk164.82 crore to secure the loans, which were ultimately embezzled from Janata Bank.

MSK/