Mozaffar asked to surrender for embezzling Tk 141cr from BASIC Bank

The High Court today cancelled the bail of businessman Syed Mozaffar Hossain in a corruption case filed for misappropriating Tk 141 core from BASIC Bank and ordered him to surrender to the trial court immediately.

The HC bench of Justice Md Nazrul Islam Talukder and Justice KM Hafizul Alam came up with the verdict after dismissing a petition filed by Mozaffar, director of IG Navigation Ltd, seeking bail in the case.

Deputy Attorney General AKM Amin Uddin Manik told The Daily Star that Mozaffar Hossain took Tk 75 core as a loan from BASIC Bank’s Agrabad Branch in Chattogram in 2010 by mortgaging an old ship worth Tk 12 core to the bank.

The amount of the loan stands at Tk 141 crore with the interest till 2018, but Mozaffar did not pay any amount.

The Anti-Corruption Commission filed a case with Double Mooring Police Station in Chattogram against Mozaffar on January 10, 2018, he said.

DAG Manik said following a bail petition filed by Mozaffar, the HC on April 6, 2018, granted six month’s bail to him and issued a rule asking the ACC and government to explain why he should not be granted permanent bail in the case.

Later on, the Appellate Division of the Supreme Court upheld Mozaffar’s HC bail on a condition that he will refund Tk 25 crore to BASIC Bank.

As Mozaffar did not refund any money to BASIC Bank, the HC yesterday cancelled his bail and ordered him to surrender to the lower court, DAG Manik added.

Advocate Redowan Ahmed appeared for Mozaffar.