Dhaka, Oct 17 (UNB) – The High Court on Thursday cancelled the bail of a businessman of Chattogram and asked him to surrender before the trial in a case filed by the Anti-Corruption Commission (ACC) on charge of embezzling Tk 141 crore from BASIC Bank.
The HC bench of Justice Md Nazrul Islam Talukder and Justice KM Hafizul Alam passed the order against Syed Mozaffar Hossain, a businessman of Khatunganj in the port city and a director of IG Navigation Limited.
The accused took a loan of Tk 749,695,320 from BASIC Bank’s Agrabad branch in 2010 which rose to Tk 410,546,105 with interest.
On January 10, 2018, the ACC lodged a case with the Double Mooring Police Station in Chattogram for not returning the loan.
He secured a six-month bail from the High Court on April 4, 2018. However, the ACC filed petition with the Appellate Division for cancelling the bail.
Later, the Appellate Division upheld the bail to Syed Mozaffar Hossain on condition that he would submit Tk 25 crore immediately.