A former chairman of a cooperative bank, Mohiuddin Ahmed, has been implicated in a large-scale gold embezzlement scandal involving the sale of gold pledged by customers. Mohiuddin, a prominent figure in the Dhaka Metropolitan Awami League (South), allegedly sold 7,398 bhori of gold worth around Tk 100 crore, impacting 2,316 bank customers.
The Anti-Corruption Commission (ACC) filed a case in 2021, where Mohiuddin was named as the prime accused. However, due to political influence, his name was later removed from the charge sheet. The fraud occurred while Mohiuddin served as the chairman of the cooperative bank, and the gold, pledged by customers as collateral for loans, was illegally sold to fake owners rather than being properly auctioned.
The scandal resurfaced after Hasan Arif, an advisor to the interim government, mentioned missing gold from the cooperative bank during a recent event. The revelation caused panic among customers who had mortgaged gold with the bank.
The Cooperative Bank, a specialized institution operating under the Department of Rural Development and Cooperatives, has confirmed the irregularities in gold sales, and investigations are ongoing. Several other officials, including Mohiuddin’s nephew, Noor Mohammad, are also accused of involvement in the scheme. Despite the seriousness of the case, Mohiuddin’s political influence has allowed him to evade full accountability so far.
In addition to this scandal, Mohiuddin is facing accusations of financial misconduct during his tenure, including overspending on a building project and irregular recruitment practices. Many of those hired during his term were reportedly relatives or associates, further damaging the bank’s stability. Transparency International Bangladesh (TIB) has condemned the corruption, calling it a reflection of deeper issues within the government and its institutions.
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