Trial in Siddique Traders embezzlement case begins

The formal trial has begun against Siddique Traders owner and Khatunganj branch manager of Jamuna Bank Limited in an embezzlement case.

The charges were framed on Tuesday after a hearing by Acting District and Sessions Judge Md Ismail Hossain of Chattogram Divisional Special Judge Court.

The trial in the case started on Wednesday.

The accused in the case are businessman Md Abu Sayed Chowdhury Samrat, 38, managing director of Sayed Food Limited and owner of Siddique Traders in the city's Khatunganj, and Manjurul Ahsan Chowdhury, former executive vice president and Khatunganj branch manager of Jamuna Bank Limited.

According to court sources, the accused Samrat opened an LC with Jamuna Bank's Khatunganj branch in 2012 to import 20,000 metric tonnes wheat from Australia.

However, violating the conditions of the bank's grant letter, Md Abu Sayed Samrat and Manjurul Ahsan Chowdhury embezzled Tk719,203,116 from Jamuna Bank in three phases between 2011 and 2015 using the name of Sayed Food Limited.

After the allegations were raised, the Anti-Corruption Commission (ACC) investigated the matter.

Finding proof of the embezzlement, the ACC filed the case against the two accused with Kotwali police station in Chattogram on 30 July, 2016.

On 19 September of the same year, the court arrested Abu Sayed Samrat and sent him to jail.

He was later released on bail.

The two accused, who are out on bail, were present in court during the hearing last Tuesday.

Abu Sayed Chowdhury Samrat, the current proprietor of M/S Siddique Traders in Chattogram, an umbrella manufacturing company, borrowed Tk550 crore from different banks.

Spending the money for his personal amusement he became one of the top loan defaulters in the country, placing 17 in the list of defaulters.