After collecting Tk50,000 as caution money from customers, these embezzlers would not provide the big amount of loan promised earlier, the magistrate says
A mobile court has sentenced Swadesh Corporation Limited Chairman Saiful Kabir to 6 months of imprisonment on the charge of money embezzlement.
The mobile court was conducted by Rapid Action Battalion (RAB) on Wednesday afternoon in the Motijheel area of the capital.
RAB-3 Executive Magistrate Palash Kumar Basu confirmed the matter to Dhaka Tribune.
Saiful was fined Tk2.5 lakh or 3 more months in jail also, he said.
The organization would take caution money pledging to provide a big amount of loan and in this way, they have misappropriated over Tk20 crore, said Palash.
Besides, General Manager of the company Sadekul Islam, along with the chairman, will be named in a case of money embezzlement, he added.
“They have no license for doing such activities. They would also recruit people to bring customers, especially small business owners,” said the magistrate.
“After collecting a minimum of Tk50,000 caution money from each of the customers, these embezzlers would not provide the big amount of loan they promised earlier,” Palash said.
However, later they would return the caution money through a check which did not have any money in the account, the magistrate said.
RAB conducted the drive based on allegations of 20 such victims.
The organization has about 5 thousand customers in 22 branches across the country.