Sylhet, Jan 08 (V7N) – The Criminal Investigation Department (CID) has recovered significant assets linked to the embezzlement of nearly 39 crore taka from the Shahjalal Fertilizer Project in Fenchuganj, Sylhet. The investigation revealed that former head of accounts, Khondokar Muhammad Iqbal, misappropriated the funds by submitting fake bills and receipts, using the money to acquire property, land shares, 12 flats across Dhaka and other areas, and deposits in bank accounts.

CID officials confirmed the seizure of these assets, estimating their current market value at around Tk 25 crore. The confiscated assets include 12 flats in various locations, 23.5 katha of land, 11 land shares totaling 392.7323 decimals, shareholdings, and 3 bank accounts holding Tk 3,065,852.

Iqbal joined the Shahjalal Fertilizer Project as an assistant accountant in 2005 and rose to the head of accounts. Over 14 years, he amassed 91 vehicles, multiple flats in Dhaka, two departmental stores, and substantial property across Dhaka, Gazipur, and Mymensingh. Allegations of embezzlement led to his dismissal five years ago.

On April 26, 2023, CID filed a case under the Money Laundering Prevention Act, 2012, following preliminary evidence that Iqbal and his wife Halima Akter purchased movable and immovable assets using the misappropriated project funds. Investigators found that Iqbal embezzled Tk 38,832,785 using fake bills under the companies TI International and Nusrat Traders, owned by his wife.

During the ongoing investigation, additional assets were seized, including six flats in Ramna and Airport areas of Dhaka and a total of 304 decimals of land in Dhaka, Gazipur, and Mymensingh, with a recorded value exceeding Tk 7.11 crore.

According to the Bangladesh Road Transport Authority (BRTA), Iqbal and his associated companies had 91 registered vehicles. Among these, 21 minibuses and 2 high-chassis vehicles have been confiscated. Under court direction, the 21 minibuses are now leased to the Rooppur Nuclear Power Plant, generating rental income of Tk 5,380,335, which has been deposited in the state treasury with court approval.

The Financial Crime Unit of CID continues to investigate the case, aiming to uncover the full extent of the crime, identify unknown accomplices, and take necessary legal actions.

Authorities have assured that the investigation will proceed diligently to recover all misappropriated funds and hold the responsible parties accountable under the law.

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