Money laundering: ACC summons AB Bank’s ex-chair, MD

Anti-Corruption Commission today summoned AB Bank’s former chairman M Wahidul Haque and managing director M Fazlur Rahman over “laundering Tk 165 crore” to UAE.

The anti-graft watchdog has asked Haque to appear before it at 9:00am next morning, said Pranab Kumbar Bhattacharya, ACC’s Public Relations Officer (PRO).

Meanwhile, Rahman has also been asked to appear before the ACC at 9:10am tomorrow, he added.

The AB Bank allegedly laundered around Tk 165 crore to the United Arab Emirates through two shady organisations in the name of investment, according to a Bangladesh Bank probe report.

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AB Bank laundered Tk 165cr to UAE

The board of directors of the AB Bank in December 2013 approved investment of $20 million in Singapore-based fundraising and investment company Pinnacle Global Fund Pte Ltd (PGF) through the bank's Offshore Banking Unit (OBU).

In February 2014, the OBU laundered the money to an account at the UAE-based Abu Dhabi Commercial Bank (ADCB).

The account belonged to Cheng Bao General Trading LLC which acted as a Special Purpose Vehicle (SPV) or a mediator for the PGF. Cheng Bao immediately withdrew the money and closed the account.