Highlights
- Total loan taken from Rupali Bank bank amounted to Tk2.85 crore
- The name mentioned in the fake NID was Kamruzzaman Sohag
- Repaid Tk2cr to the bank after central bank pressure later
- Tk32.5cr was taken from Agrani Bank by the name Kamruzzaman Saiddi
- Used two different NID cards for taking the loans
- Agrani Bank suspended an official for involvement in the scam
In 2020, a routine investigation by the Bangladesh Bank into a classified loan, categorised as the “worst-performing loan”, began to unravel some discrepancies that initially defied comprehension.
Following a thorough investigation, the central bank ultimately discovered that a businessman named Kamruzzaman Saiddi had obtained a loan of around Tk35 crore from two state-owned banks, Agrani and Rupali, using a fake name and National Identity (NID) number.
Under central bank pressure, Kamruzzaman has recently repaid Rupali Bank’s loans of about Tk2 crore, gaining a significant interest waiver to alleviate his financial strain. Despite this, outstanding Tk32.5 crore funded and non-funded loans from Agrani Bank remain unpaid.
How the loans were taken
The story unfolded in 2015 with a Tk55 lakh loan obtained from Rupali Bank under the guise of Five S Trading. But, the company did not repay the instalments for nearly five years.
A deeper inquiry by the Bangladesh Bank revealed the loan’s NID number to be fake.
Consequently, the central bank initiated an investigation using the name Kamruzzaman Sohag written on the NID card. In the Bangladesh Bank’s database, one name emerged with subtly modified particulars – Kamruzzaman Saiddi.
The NID numbers associated with the names differed, as did the names of their parents. Furthermore, the addresses provided were entirely distinct.
Upon investigation, the central bank uncovered that Kamruzzaman Saiddi had acquired an identical Tk55 lakh loan from Agrani Bank in November 2018. This time, the loan was procured under a company named Vast Bangladesh.
The story did not conclude there. Additional layers soon began to surface.
The same person took more loans from Agrani Bank from 2018 to April 2022, even during the central bank investigation. These loans were taken under the company names of Vast Apparels, Zarif International, ICL-MAC JV, and ICL-CDC JV. In total, his debt with Agrani Bank stood at Tk32.5 crore, according to the Bangladesh Bank.
The report even cast doubt on the existence of the mortgaged lands that were used to secure loans from both banks.
According to the report, it is generally not possible to create more than one Credit Information Bureau (CIB) ID for a single person.
The Bangladesh Bank is responsible for collecting, processing and maintaining an updated database of credit-related information supplied by banks, financial Institutions etc.
Surprisingly, Kamruzzaman Saiddi had two different CIB identities under the same name.
Each CIB ID had the same Taxpayer Identification Number, but two different NIDs. One of the NID numbers was a duplication of the TIN but with a zero added at the end.
The central bank conducted another investigation in Rupali Bank’s Motijheel corporate branch in January this year.
As per the report, Kamruzzaman provided his genuine NID to Rupali Bank in November 2020. His enterprise, Five S Trading, is currently inactive. The debt of the company to the bank amounted to Tk2.85 crore.
Agrani Bank also conducted an internal investigation on this issue and found a bank official who helped Kamruzzaman get these loans.
Md Murshedul Kabir, managing director & CEO of Agrani Bank, told The Business Standard, “We have already suspended an official who was involved with this incident. We have adopted a zero-tolerance policy against irregularities and corruption. Actions have been taken against several defaulters in the last few months.”
“Besides, monitoring of loans has been increased. No one will be able to get away with irregularities in the bank from now on,” he added.
Who is Kamruzzaman Saiddi
Kamruzzaman Saiddi alias Kamruzzaman Sohag is a businessman in the readymade garment sector and a member of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
According to central bank rules, no defaulting person or institution can take fresh loans. But through fake NIDs, Kamruzzaman had found a way to circumvent that rule.
Kamruzzaman, however, has denied all the allegations labelling them as a ploy to blackmail him.
Speaking to The Business Standard, he said he had repaid the full amount to Rupali Bank and had even received an interest waiver of about Tk68 lakh.
He also claimed that the central bank officials had demanded bribes from him.
“I have written to the central bank on 24 July this year to re-investigate the matter,” he said.
He asserted having supporting evidence for his bribery allegations. However, when pressed by the reporter to provide the evidence, Kamruzzaman evaded the request. After this interaction, Kamruzzaman has remained unresponsive to queries from this newspaper.
