The Appellate Division on Monday upheld a High Court order to confiscate all assets and passports, and freeze the bank accounts of Proshanto Kumar Halder and 19 of his colleagues.
The 19 others are either directors of International Leasing and Financial Services Ltd or Proshanto's family members or friends.
The Appellate Division bench of Chief Justice Syed Mahmud Hossain passed the order after hearing the appeal by International Leasing and Financial Services' directors Bashudeb Beenargy and Papiya Beenargy.
On January 21, the High Court bench of Justice Khurshed Alam Sarker asked the concerned authorities to confiscate all assets, passports and freeze the bank accounts of Proshanto and 19 of his colleagues.
The High Court also ordered the appointment of Khondokar Ibrahim Khaled as an independent director and chairman of the company. Ibrahim Khaled is a former deputy governor of the Bangladesh Bank.
The non-banking financial institution has been under a cloud over default in deposits and loans of over Tk3,500 crore. Its board members allegedly embezzled a large portion of depositors' money.
The High Court directed Ibrahim Khaled to submit a report by February 20, listing all the assets of Proshanto and others.
The court directed the home ministry to confiscate the assets and ordered the Bangladesh Bank to freeze the bank accounts of the 20 people within four weeks.
Earlier, Bashudeb and Papiya filed an appeal against the High Court order.
Advocate Shahriar Kabir, the petitioners' lawyer in the High Court, said that Proshanto's 19 accomplices are former managing director M Nurul Islam, directors Zahirul Alam, Nasim Anawer, Bashudeb, Papiya, Momotaj Begum, Nausherul Islam, Anawerul Kabir, Engineer Nuruzzaman, Abul Hashem, M A Hashem, and Md Rashedul Haque of International Leasing and Financial Services; and Proshanto's mother Lila Boti Halder, wife Susmita Saha, brother Pritush Kumar Halder, cousins Amitabh Adhikari, Avijit Adhikari, and friend Ujjal Kumar Nondi; and former director of Bank Asia Irfan Uddin Ahmed.