A case has been initiated against Padma Bank's former chairman Chowdhury Nafeez Sarafat and three others over the alleged misuse and attempted embezzlement of a Tk 50 million “time loan” from the bank. The three other accused are ASM Mainuddin Monem, managing director (MD) of Abdul Monem Limited; Farhana Monem, director of the company; and Sabbir Mohammad Sayem, former manager of Padma Bank’s Gulshan corporate branch and then senior executive vice president. According to the First Information Report (FIR), Padma Bank’s Gulshan branch approved a Tk 50 million six-month “time loan” in 2022 in favour of Abdul Monem Limited. Later, on Dec 6, 2023, the company applied once again for a Tk 50 million six-month time loan, which was approved in the 55th board meeting on Dec 27, 2023. The complaint further alleges that Nafeez, who was serving as chairman of Padma Bank’s board of directors at the time of the loan approval, had a direct link to both the lender and the loan beneficiary.

Source: bd News24 April 13, 2025 17:16 UTC