A court in Dhaka has ordered the freezing of two savings bonds belonging to the Chairman of Swadesh Life Insurance Limited, Md. Maksoodur Rahman. The decision came after a request from the Criminal Investigation Department (CID) in connection with an ongoing investigation into a major financial case.
On Tuesday, November 18, the Dhaka Metropolitan Sessions Judge, Mohammad Sabbir Foyez, issued the order following an application by the CID. The court’s bench assistant, Mohammad Riaz Hossain, confirmed the news.
According to CID Sub-Inspector Nafizur Rahman, the investigator handling the case, the two savings bonds together hold a sum of 4 million Taka. Rahman’s request also highlighted that Maksoodur Rahman had taken a loan of over 10 crore Taka from Swadesh Life Insurance Limited, by using fixed deposits as collateral at the NRB Commercial Bank’s Uttara branch.
Preliminary investigations have revealed that Rahman allegedly withdrew the loan amount with the intention of misappropriating the funds. The investigation suggests that he used the money for personal purposes and invested in various other businesses, diverting the funds away from their intended use.
To prevent the accused from withdrawing the funds before the investigation concludes, the CID requested that the savings bonds be frozen. This measure is seen as essential for ensuring a fair and impartial investigation. According to the CID, freezing these accounts is necessary to avoid any tampering or unauthorized access to the funds during the ongoing probe.
Swadesh Life Insurance has yet to provide an official comment on the matter, but the investigation is ongoing. If the allegations are proven true, Maksoodur Rahman may face legal action, and the company may also have to respond to the financial irregularities. The case continues to unfold, with more updates expected in the coming days.