IN THE SUPREME COURT OF BANGLADESH
HIGH COURT DIVISION
(CRIMINAL REVISIONAL JURISDICTION)
CRIMINAL MISCELLANEOUS CASE NO. OF ____
IN THE MATTER OF:
An application for anticipatory bail under section 498 of the Code of Criminal Procedure.
IN THE MATTER OF:
Son of B
Executive Vice President
One Bank Limited
Flat No. 3, House No. 32, Road No. 7
Dhanmondi Residential Area, Dhaka
The Deputy Commissioner
A N D
IN THE MATTER OF:
News item dated 24.02.2003 published in various national dailies including the daily “Star” reporting the lodgment of F. I. R. dated 23.02.2003 alleging misappropriation of Tk. 11.5 crore only by opening of letters of credit on account of K Apparels (Pvt) Limited.
Mr. Justice Mainur Reza Chowdhury, the Chief Justice of Bangladesh and his companion justices of the Hon’ble Supreme Court of Bangladesh.
The humble petition of the petitioner above-named most respectfully –
01. That the petitioner is the Executive Vice President of One Bank Limited, which is a banking company incorporated under the relevant Companies Act, having its Head Office at 45 Dilkusha Commercial Area, Dhaka-1000. It carries on banking business within the territory of Bangladesh through its various branches (hereinafter referred to as “One Bank”). The petitioner comes from established and respected family and has impeccable reputation as experienced banker in the Society. The petitioner is a prominent and experienced banker who completed Masters in Business Administration (MBA) with major in Marketing from the University of Dhaka in 1986.
02. That the petitioner started his carrier as banker in October, 1986 as Department Head Settlement & Customer Services of American Express Bank Limited. Because of his professional skills and expertise he was promoted to the post of Relationship Manager and was posted in Chittagong in 1989. In June, 1994 the petitioner was posted as the Manager Liability Marketing in Dhaka. In May, 1995 the petitioner was further promoted to the position of Director Marketing & Team Leader.
03. That on 01.07.99 the petitioner joined as the Senior Vice President of One Bank Limited. Because of his skill as a banker within a short period the petitioner was promoted to the position of Executive Vice President on 01.10.2001 and till date he is discharging his duties as the Executive Vice President of One Bank. During his long professional carrier as banker in different banks the petitioner was never charged with any irregularities in discharging his official duties.
04. That the petitioner has come to know from the news published on 24.02.2003 in various national dailies including the daily “Star” that a criminal case has been lodged against Mr. C and six others including four officials of the One Bank Limited for misappropriation of Tk. 11.5 crore. The petitioner to his utter shock and surprise found out that his name has also been included as an accused. The news published in the daily “Star” states as follows:
“The Bureau of Anti-Corruption (BAC) yesterday filed four separate cases against Marwari businessman C and six others including four officials of the One Bank Limited for embezzling Taka 11.5 crore.
Deputy Managing Director (DMD) A Chowdhury, Executive Vice President A, Vice President D and Senior Assistant Vice President E of the bank have been named in the cases for facilitating the fraud, BAC officials said last night.
The bank officials were accused for assisting in getting the bank’s money through forged documents. The two other accused in the cases are F and G.
H, a BAC official filed these cases with the Mitijheel police station here alleging that C and his accomplices in collusion with the bank officials got Tk. 14.40 crore approved through fraudulent means and used Ms H B Apparels at Tanbazar, Narayangonj business office to cover up the fraud.
In all these cases, they showed import of fabrics under back to back L/Cs and later shipment of readymade garments were made for export but they did not bring back the export earnings.
C is the central figure in all these cases, the BAC said in its case dossiers.
The cases referred to violation of Foreign Currency Regulation Act of 1947.”
05. That after certain enquiry, the petitioner has come to know that F.I.R. Nos. 82, 83, 84 and 85 all dated 23.02.2003 have been lodged with Motijheel Police Station by the Bureau of Anti-Corruption under section 5(2) of the Prevention of Corruption Act, 1947 and section 406, 420, 467, 468, 471, 201 and 109 of the Penal Code for misappropriation of money by opening of letters of credit on account of Z Apparels (Pvt) Limited.
06. That it is stated that the allegations as contained in the news items are totally false and misconceived and is in gross misrepresentation of the actual facts. The actual facts are as follows:
a) That at the request of Z Apparels (Pvt) Limited (the borrower Company) a Current Account was opened with the Principal Branch of One Bank. The borrower Company is a 100% export oriented Knit Garments Factory. It is registered with the Board of Investment. The borrower Company has obtained certificates from Export Promotion Bureau, national Board of Revenue, Bangladesh garments Manufacturers and Exporters Association, Textiles Department. The following persons were the Directors of the borrower Company:
a) Mr. I : Chairman
b) Mr. J : Managing Director
c) Mr. G : Director
d) Mr. K : Director
b) That on 29.10.2000 Mr. J transferred his shares and resigned as Director of the borrower Company.
c) That subsequently at the request of the borrower Company following credit facilities were granted upon approval of the Board of Directors of One Bank:
(i) Local Back to Back letters of credit facility
(ii) Packing Credit facility
d) That by utilizing the Local Back to Back L/C facility the borrower Company opened various inland Back to Back L/Cs for procurement of raw materials, procured the raw materials, completed the order and made export of finished garments. The liabilities of the borrower Company were being adjusted against export proceeds. The year-wise calculation is as follows:
|Year||Export||Amount repatriated||Amount un-repatriated|
|2000||US$ 24,26,876.50||US$ 24,26,876.50||Nil|
|2001||US$ 34,00,254.59||US$ 34,00,254.59||Nil|
|2002||US$ 6,11,388.58||US$ 5,40,116.58||US$ 71,272.00|
|Total||US$ 64,38,519.67||US$ 63,67,247.67||US$ 71,272.00|
e) That in view of the past record of the borrower Company it is clear that One Bank had made transaction of about US$ 64,38,519.67 only equivalent to Tk. 37,18,24,510.94 only and thus earned foreign currency for the country through the borrower Company and its sister concerns/associate companies. Considering the past transaction it cannot be said that false transaction was made.
07. That it is submitted that the letters of credit in question were opened upon the application of the borrower Company considering its past business transaction and the local L/C liability was adjusted out of the export proceeds. In carrying on the business the borrower Company has got stuck up liability of Tk. 10,77,78,773.30 only as on 30.09.2002 with One Bank for which Money Suit No. 37 of 2002 was filed on 30.09.2002 in the Court of Joint District Judge and Artha Rin Adalat, 3rd Court at Dhaka for recovery of the said amount.
08. That in such circumstances it cannot be said the petitioner has personally misappropriated Tk. 11.5 crore through opening of false letters of credit. As such it is submitted that the police case as reported in the newspapers is false, fabricated and has been lodged with sole purpose of harassing the petitioner and maligning his good reputation.
09. That it is further submitted that the Board of Directors of One Bank has fullest confidence on the petitioner. There is no shred of doubt in the minds of the members of the Board that the petitioner is in no way connected in causing any financial loss to the Bank. He is performing the duty of the Executive Vice President at the moment.
10. That the petitioner apprehends that because of the wide publicity in the national dailies, if he surrenders before the Metropolitan Magistrate or the Sessions Court, Dhaka he shall not be enlarged on bail and be taken to custody.
11. That it is submitted that unless the petitioner is enlarged on bail and is taken to custody he will not be able to perform his official duties and as such the day to day business affairs of the Bank will be disrupted.
12. That it is further submitted that the petitioner is in the responsible position of Executive Vice President of a Bank. If the petitioner is enlarged on bail he will not abuse the bail or abscond.
13. That it is submitted that for the reasons stated herein above this Court in exercise of its power under section 498 of the Code of Criminal Procedure may grant anticipatory bail. This is a proper case where such discretion may be exercised by this Hon’ble Court.
Wherefore, it is humbly prayed that your Lordships would graciously be pleased to:
(a) Issue Rule calling upon the opposite- party to show cause as to why the petitioner shall not be granted anticipatory bail in connection with the F. I. R. Nos. 82, 83, 84 and 85 all dated 23.02.2003 lodged with Motijheel Police Station, Dhaka by the Bureau of Anti Corruption against the petitioner and others under section 5(2) of the Prevention of Corruption Act, 1947 and section 406, 420, 467, 468, 471, 201 and 109 of the Penal Code alleging misappropriation of Tk. 11.5 crore by opening of letters of credit on account of K Apparels (Pvt) Limited and after hearing the parties and cause shown, if any, make the Rule absolute;
(b) Pending hearing of the Rule enlarge the petitioner on anticipatory bail in connection with the the F. I. R. Nos. 82, 83, 84 and 85 all dated 23.02.2003 lodged with Motijheel Police Station, Dhaka; and/or
(c) Pass such other order or as may deem fit and proper in this case.
And for this act of kindness, the petitioner, as in duty bound, shall ever pray.
I, _____________________, son of Late _______________, of _______________________, aged about ___________ years, by occupation Service, by faith Muslim, nationality Bangladeshi, do hereby solemnly affirm and say as follows:
01. That I am the Tadbirkar of the petitioner in this case and as such I am fully acquainted with the facts and circumstances of the case and competent to swear this affidavit.
02. That the statements of facts made above are true to my knowledge and belief, which I verily believe to be true, and the rests are submissions before this Hon’ble Court.
|Prepared in my office:|
|Solemnly affirmed before me by the aforesaid deponent on this the _____th day of ___________ at _____ a.m.||The deponent is known to me and identified by me.|
|Commissioner of Affidavits
Supreme Court of Bangladesh
High Court Division