Dhaka Bank Officer Sentenced to 20 Years for Embezzling Tk 3.77 Crore from Vault

A court has sentenced Md Rifatul Haque, cash in-charge (senior officer) of Dhaka Bank Limited's Bangshal branch, to 20 years of rigorous imprisonment for embezzling nearly Tk 3.77 crore from the bank's vault.

Judge Md Ibrahim Mia of Dhaka's Special Judge Court-6 delivered the verdict on Thursday (12 November). Bench assistant Fakir Md Zahidul Islam confirmed the details of the judgment.

Alongside the prison term, Rifatul Haque was fined the full embezzled amount plus an additional Tk 4 lakh. The court ordered that the entire fine under section 409 of the Penal Code be paid to Dhaka Bank Limited as compensation.

The court acquitted the bank's operations manager, Emran Ahmed, in the same case, as the charges against him were not proven.

Under section 409 of the Penal Code, for criminal breach of trust, he received 10 years' imprisonment and a fine equal to the embezzled Tk 3,77,66,000, with a further one year of simple imprisonment in default.

He was also sentenced under section 420 of the Penal Code to five years' rigorous imprisonment and a Tk 2 lakh fine, plus another year in default, and under section 5(2) of the Prevention of Corruption Act 1947, for criminal misconduct, to five years' rigorous imprisonment and a Tk 2 lakh fine, plus another year in default.

The court stated that the sentences under each section will run consecutively, meaning Rifatul Haque must serve the full 20 years.

According to the case details, on 17 June 2021 a team from Dhaka Bank's head office internal audit and inspection unit audited the Bangshal branch and found a cash shortfall of Tk 3,77,66,000 in the branch vault.

Under questioning, Rifatul Haque admitted that between 20 June 2020 and 16 June 2021 he had taken the money in small amounts at various times and embezzled it.

The complaint stated that bundles of Tk 100 notes in the vault had Tk 500 notes placed on both sides, and bundles of Tk 500 notes had Tk 1,000 notes on both sides, making the bundles appear to be of higher denominations from the outside; this was how the real shortfall was concealed.

After the incident, Bangshal branch manager Mohammad Abu Bakar Siddique filed a complaint on 17 June 2021 against Rifatul Haque and the branch's then FVP and manager (operations), Emran Ahmed. Emran Ahmed, who was responsible for the vault keys and cash custody, was accused of collusion.

With the approval of the Anti-Corruption Commission (ACC), a case was filed against both accused under the Prevention of Corruption Act on 19 June 2021. After investigation, ACC assistant director Md Humayun Kabir submitted a charge sheet against the two on 20 September 2022.

On 22 May 2023, the court framed charges against the accused and ordered the trial to begin. During the trial, the court recorded the testimony of 16 witnesses in total.