The Anti-Corruption Commission (ACC) has approved the filing of three separate cases over the alleged embezzlement and laundering of Tk 141.2 crore from Islami Bank Bangladesh PLC’s Jubilee Road branch in Chattogram, involving Aramit Cement PLC.

Former Land Minister Saifuzzaman Chowdhury, his wife and several former bank directors have been named as accused in the cases, ACC lawyer Mokarram Hossain told the media on Tuesday.

According to the ACC lawyers, the money was allegedly embezzled through fictitious transactions involving no actual purchase or sale of goods and subsequently transferred to different accounts before allegedly being laundered abroad.

They said a total of Tk 500 crore was allegedly planned to be embezzled through fake documents. Of this, Tk 141.2 crore was allegedly withdrawn through 27 transactions and transferred to various accounts before being taken to countries, including the United Arab Emirates, the United Kingdom and the United States.

The first case relates to the alleged embezzlement of Tk 57.6 crore through a transaction on March 20, 2018. The money was allegedly transferred in the name of Imperial Trading, a customer of First Security Islami Bank’s Agrabad branch, following an application by Aramit Cement.

The ACC has approved the first case against 16 people over the incident.

The second case involves Tk 41.62 crore alleged embezzlement through 17 transactions between April 4, 2018, and December 26, 2019. The transactions were also allegedly made in the name of Imperial Trading, a customer of United Commercial Bank’s Kamal Bazar branch.

The second case has also been approved against 16 people.

The third case concerns the alleged embezzlement of Tk 42.75 crore through nine transactions between August 6, 2020, and March 28, 2021, also in the name of Imperial Trading, a customer of UCB’s Sadarghat branch.

The ACC has approved the third case against 20 people over their alleged involvement.

Among the notable accused are Bashir Ahmed, a former director of UCB, and Saifuzzaman’s brother Anisuzzaman Chowdhury alias Rony, a former director and chairman of its executive committee.

Former UCB Vice-Chairman Bazal Ahmed Babul, former Directors MA Sabur, Haji Yunus Ahmed, Nurul Islam Chowdhury, Asifuzzaman Chowdhury and Roksana Zaman Chowdhury are also among the accused.

The ACC said the cases will be filed under relevant provisions of the Banking System Abuse, Fraud and Money Laundering Prevention Act.