Sunday, 09 March, 2025
The Chairman of Eastern Bank Limited (EBL), Shawkat Ali Chowdhury, along with 45 others, including Directors, the Managing Director (MD), and senior bank officials, have been named in a lawsuit for allegedly embezzling Tk 11 crore through fraudulent activities.
The case was filed by Murtaza Ali, a businessman and client of the bank, before the court of Additional Chief Metropolitan Magistrate Sarker Hasan Shahriar on Wednesday.
Upon reviewing the allegations, the court took cognizance of the case and directed the Criminal Investigation Department (CID) to investigate further.
The individuals named in the case include EBL Chairman Md Shawkat Ali Chowdhury, MD Ali Reza Iftekhar, Directors such as M Gaziul Haque and Selina Ali and several other senior officials, including Assistant MDs, Unit Heads, and Branch Managers. Also named are various department heads within the bank.
According to the case, Murtaza Ali, a Director at Bhaiya Group of Industries, deposited Tk 5.20 crore in savings accounts at the bank's 129-OR Nizam Road Branch in 2017. He was entitled to a seven per cent profit on his deposit, but the bank allegedly failed to pay it.
Over time, as his deposit accumulated, the amount grew to Tk 6.10 crore, which he later transferred to the Chandgaon branch of Eastern Bank. Between 2017 and 2018, Ali opened six fixed deposits (FDRs) totaling Tk 5.80 crore and applied for a Secured Overdraft (OSD) loan against them.
While abroad in 2019, Ali discovered that two fake savings accounts and four fake loan accounts were opened in his name at the Chandgaon branch using forged signatures and false information. The accused, acting in collusion, sanctioned a loan of Tk 9.77 crore in his name and withdrew Tk 5.44 crore.
According to Advocate Helal Bin Manzur, the plaintiff's lawyer, the accumulated amount from the FDRs has reached approximately Tk 11 crore since 2017. Despite legal notices being served, the bank authorities have not responded or reimbursed the amount owed to his client.
This case highlights a widespread fraud allegedly involving senior officials at Eastern Bank, raising concerns about governance and internal controls within the institution.
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The Chairman of Eastern Bank Limited (EBL), Shawkat Ali Chowdhury, along with 45 others, including Directors, the Managing Director (MD), and senior bank officials, have been named in a lawsuit for allegedly embezzling Tk 11 crore through fraudulent activities.
The case was filed by Murtaza Ali, a businessman and client of the bank, before the court of Additional Chief Metropolitan Magistrate Sarker Hasan Shahriar on Wednesday.
Upon reviewing the allegations, the court took cognizance of the case and directed the Criminal Investigation Department (CID) to investigate further.
The individuals named in the case include EBL Chairman Md Shawkat Ali Chowdhury, MD Ali Reza Iftekhar, Directors such as M Gaziul Haque and Selina Ali and several other senior officials, including Assistant MDs, Unit Heads, and Branch Managers. Also named are various department heads within the bank.
According to the case, Murtaza Ali, a Director at Bhaiya Group of Industries, deposited Tk 5.20 crore in savings accounts at the bank's 129-OR Nizam Road Branch in 2017. He was entitled to a seven per cent profit on his deposit, but the bank allegedly failed to pay it.
Over time, as his deposit accumulated, the amount grew to Tk 6.10 crore, which he later transferred to the Chandgaon branch of Eastern Bank. Between 2017 and 2018, Ali opened six fixed deposits (FDRs) totaling Tk 5.80 crore and applied for a Secured Overdraft (OSD) loan against them.
While abroad in 2019, Ali discovered that two fake savings accounts and four fake loan accounts were opened in his name at the Chandgaon branch using forged signatures and false information. The accused, acting in collusion, sanctioned a loan of Tk 9.77 crore in his name and withdrew Tk 5.44 crore.
According to Advocate Helal Bin Manzur, the plaintiff's lawyer, the accumulated amount from the FDRs has reached approximately Tk 11 crore since 2017. Despite legal notices being served, the bank authorities have not responded or reimbursed the amount owed to his client.
This case highlights a widespread fraud allegedly involving senior officials at Eastern Bank, raising concerns about governance and internal controls within the institution.
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