Delta Group boss accused of embezzling bank loans

Dipu Sarwar
Published : 07:30, Jul 22, 2019 | Updated : 07:30, Jul 22, 2019

ACC has come across a complaint that chairman of Delta Group, Engineer AKM Faruque Ahmed, took Tk 22.5 Billions form seven banks and then laundered it overseas. A probe will soon be started by the ACC.
Reportedly, the company re-mortgaged the same property against several loans; ACC feels that selling the collateral will not recover the loans taken from various banks. In Kasimpur, in Gazipur, Delta Group has 10 industrial properties with 4500 employees. The Dhaka office is in Baridhara DOHS.
The institutions under this group are: Delta Composite Knitting, Delta Spinning Mills, Delta Accessories, Delta Apparels, Delta Yarn Mills, Delta Yarn Dyeing, Delta Engineers, Delta Carton, Safa hi-tech packing and Lily Cosmetics.
Showing these, AKM Faruque is said to have taken Tk 3.5 Billion as loan; he took the same amount showing these properties from First Security Islami Bank and SIBL.
He took Tk 7 Billion from Islami Bank, Tk 0.5 Billion from South East Bank and Tk 2 Billion from One Bank.
A report submitted to ACC says that workers of loan riddled Delta Group are spending days in uncertainty. They have not been paid for more than seven months. On the other hand, chairman Faruque is believed to have bought properties across the globe with the loaned money.
These properties are not mentioned in his income tax papers. He also did not mention two luxury flats worth millions in Gulshan and Baridhara in his tax papers.
He is believed to own a flat in Singapore. So far there is no definitive evidence to prove how much he laundered overseas. The complaint to ACC also states that engineer Faruque had become rich by embezzling banks’ money.
It’s believed that corrupt bank officials are also complicit in releasing loans to Faruque however if Faruque is declared a defaulter, many people will be implicated, a lot of workers will lose jobs and there will be countless legal cases.
Fearing such widespread ignominy, the issue has reportedly been hushed up.