Bangladesh's Anti Corruption Commission (ACC) has arrested two officials at a Chittagong branch of Bank Asia Limited who allegedly used fraudulent letters of credit (L/Cs) to embezzle bank funds.

The bank officials were reportedly working with a local businessman and other conspirators intent on the embezzlement.

False documents

A fraudulent L/C was obtained through the arrested bank officials by a local businessman, Giash Uddin Kushum, on the basis of false documents provided by him.

The L/Cs were cashed, thus allowing the conspirators to embezzle the equivalent of around US$9.5 million.

Conspirators

The arrested bank officials, both of whom were branch managers, have been named as Mohammed Hossenuzzaman and Mohammed Mizanur Rahman.

Investigators are reportedly pressing charges against seven people in this matter.

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