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Dhaka, July 1:A Dhaka court has revoked the bail of Fast Group CEO Abdullah Al Rafe and ordered him to be sent to jail in a case involving the alleged embezzlement of nearly Tk 160 million through fraud. However, the court upheld the bail of three other accused, including Rafe’s two sisters.<\/p>\n\n\n\n
The order was issued on Wednesday by Additional Chief Metropolitan Magistrate Jashita Islam following a petition filed by the complainant seeking cancellation of the accused persons’ bail. The development was confirmed by the complainant’s lawyer, Mamunur Rashid.<\/p>\n\n\n\n
Abdullah Al Rafe is the son of Hafiz Ahmed, Managing Director of Fast Tapes & Chemical Limited and Fast Corporation (Pvt.) Limited. Hafiz Ahmed and his wife, Saifun Nahar Mahenu, are also named as accused in the case and are currently absconding.<\/p>\n\n\n\n
The case was filed on May 2 last year with Motijheel Police Station by Monirul Islam, a business partner of the companies. In his complaint, Monirul alleged that Abdullah Al Rafe and his family fraudulently misappropriated Tk 159,269,567.<\/p>\n\n\n\n
The six accused in the case are Hafiz Ahmed, Saifun Nahar Mahenu, Abdullah Al Rafe, Fabeeha Jahan Raida, Saima Sadia, and Nasir Ahmed Zargis.<\/p>\n\n\n\n
During Wednesday’s hearing, four of the accused\u2014Rafe, Raida, Sadia, and Zargis\u2014filed petitions seeking confirmation of their bail. Their counsel, Advocate Riasat Azmi, argued in support of the applications, while the complainant’s lawyer requested the court to cancel their bail.<\/p>\n\n\n\n
After hearing both sides, the court revoked Abdullah Al Rafe’s bail and ordered that he be sent to jail, while allowing the other three accused to remain on bail.<\/p>\n\n\n\n
According to the case documents, Hafiz Ahmed and Saifun Nahar Mahenu sought financial assistance from Monirul Islam when their two companies were facing severe financial difficulties, mounting bank loans, and the risk of bankruptcy. Monirul invested Tk 89,096,567 in the businesses after being promised a 20 percent stake in Fast Tapes & Chemical Limited and a 60 percent stake in Fast Corporation (Pvt.) Limited.<\/p>\n\n\n\n
The complainant alleged that despite the investment, the accused neither shared any profits nor honored the share transfer agreement, instead fraudulently misappropriating the funds.<\/p>\n\n\n\n
He further alleged that the accused received Tk 3 million as an advance payment under an agreement to sell 54 percent of a piece of land but failed to complete the registration and also misappropriated that money.<\/p>\n\n\n\n
The complaint states that the total amount allegedly misappropriated\u2014including the investment and promised investment profits\u2014stands at Tk 159,269,567.<\/p>\n\n\n\n
Monirul also claimed that when he demanded repayment from the accused at their Motijheel residence on March 13, 2023, unidentified individuals told him that the money would not be returned. He made another demand at the companies’ office on April 27 last year, but was again informed that the money would not be repaid.<\/p>\n\n\n\n
Following an investigation, Sub-Inspector Jahangir Alam of Motijheel Police Station submitted a charge sheet against all six accused on May 31.<\/p>\n","protected":false},"excerpt":{"rendered":"
Dhaka, July 1:A Dhaka court has revoked the bail of Fast Group CEO Abdullah Al Rafe and ordered him to be sent to jail in a case involving the alleged embezzlement of nearly Tk 160 million through fraud. However, the court upheld the bail of three other accused, including Rafe’s two sisters. The order was […]<\/p>\n","protected":false},"author":1,"featured_media":6593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-6592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bangladesh"],"yoast_head":"\n