TDS Desk:

The Anti-Corruption Commission (ACC) has filed a case against Sheikh Abdul Hye Bacchu, former chairman of BASIC Bank Limited, on graft allegations, including illegally amassing wealth and laundering money to Canada.

“A case has been filed against him under the Anti-Corruption Commission Act and the Prevention of Money Laundering Act for acquiring assets beyond known income, providing false information in the submitted asset declaration, and smuggling illegally earned money to Canada,” ACC Director General (Prevention) Akhtar Hossain told journalists in the capital on Sunday (9 February).

Bacchu is accused of illegally amassing assets worth Tk68.76 crore and laundering Tk56.57 crore using two foreign banks, he added.

The development comes just days after a Dhaka court ordered an extended investigation into 14 cases filed against Bacchu and others over embezzlement and laundering abroad Tk2,265 crore of the bank’s money through a loan scam.

Of the 14 cases, one is in the testimony stage, while the rest are seeing hearings on charge framing. Prime accused Bacchu and his family members, however, are still at large.

The ACC had earlier filed 59 cases over Tk2,265 crore embezzlement from BASIC Bank through loan fraud and laundering money abroad. It however, refrained from accusing the bank’s then chairman Bacchu in these cases, whereas he is allegedly the mastermind behind the whole financial crimes.

Later in June 2023, the ACC filed a charge sheet in these cases, accusing Bacchu in 58 out of the 59 cases filed over the loan scam. Apart from him, 46 officials of the bank and 101 customers were also accused in these cases.

Besides, on 28 May 2024, the ACC approved a charge sheet in a case against Bacchu on charges of embezzlement and money laundering amounting to approximately Tk95 crore.

The ACC’s investigation revealed that on 8 July 2012, Bacchu made an agreement with owner of Hotel Le Méridien, Amin Ahmed, to purchase a 30.25 katha plot in the Cantonment Bazaar area. Despite the land’s actual value being Tk110 crore, Bacchu paid only Tk10 crore at the time of signing the deed or contract.

According to the ACC, Bacchu attempted to conceal his illegal earnings by undervaluing the land by Tk94.75 crore in the registration, thus evading over Tk8.52 lakhs in tax.

This was the first chargesheet against Bacchu for illegally acquiring assets.