Mishmak Group boss to serve life term for bank loan fraud

A Chattogram Court on Monday sentenced Mishmak Group Chairman Mujibur Rahman Milon to life imprisonment and slapped a fine of Tk100 crore for fleeing away without paying the bank loans. 

Judge Munshi Abdul Majeed of the Divisional Special Judge Court in Chattogram gave the verdict in a case filed by the Anti Corruption Commission (ACC) with regard to embezzlement of about Tk92 crores taken from the Agrani Bank's Laldighi branch.

According to the case statement, Milon took the loan between 2009 and 2010 for Muhib Steel and Ship Recycling Industry to import scrap ships.

Muhib steel is a member company of Mishmak, an industrial group in the shipbreaking and housing sector. 

Till 19 August 2001, Tk 82.89 crore was given to the institution. Although he paid some of this money, in 2017, the businessman failed to repay the debt of Tk91.92 crore, Agrani Bank told the court. 

On 24 May 2018, assistant director of the ACC's Chattogram office Zafar Ahmed filed a case of money embezzlement at the city's Kotwali police station against Milon. 

After giving the charge sheet after the investigation on 28 August 2022, the trial started by framing the charges against the accused. After receiving the testimony of 10 people, the court announced the verdict on Monday.

"As the case of money embezzlement was proved, the court sentenced the accused to life imprisonment and a fine of Tk100 crore under Section 409 of the Penal Code, and five more years of rigorous imprisonment for inability to pay the fine," ACC Public Prosecutor Kazi Chanoar Ahmed told the reporters after the verdict. 

In addition, the accused was sentenced to five years imprisonment and imposed a fine of Tk10 lakh under section 420, and 1 year rigorous imprisonment in default as the accused was absconding at the time of the verdict even after an arrest warrant was issued against him, he also said. 

There is an allegation that the three proprietors of the group - Mizanur Rahman Shaheen, Mujibur Rahman Milon and Humayun Kabir took a loan of Tk1,500 crore from eight banks In 2008-09. 

The management of the company is accused of having laundered the borrowed money taken in the name of steel, ship breaking, housing, oxygen and shipping business abroad. In 2013, the three accused fled the country along with their families.

Meanwhile, Mizanur Rahman Shaheen and Humayun Kabir are currently living in Canada with their families, while Milon is in Singapore now.