A Dhaka court has ordered the seizure and freezing of movable and immovable assets belonging to Dr Abul Barakat, former chairman of Janata Bank PLC, following an application filed by the Anti-Corruption Commission (ACC). Dhaka Metropolitan Senior Special Judge Shahjahan Kabir passed the order after ACC investigating officer Mohammad Shahjahan Miraj submitted an application citing allegations that Barakat acquired assets inconsistent with his known sources of income.
What Assets Are Involved
According to court documents, the frozen and seized assets include a Tk2.5 lakh investment in the Dhaka University Teachers’ Housing Project, two flats in Mohammadpur and Dhanmondi, a car valued at Tk29 lakh, and funds held in his bank accounts. The ACC’s inquiry has so far identified immovable assets worth around Tk49.61 lakh and movable assets worth roughly Tk3.50 crore, along with $10,250 in his name.
Why the ACC Acted Now
The ACC told the court that information from various sources suggested Barakat was attempting to sell or transfer assets linked to the allegations against him. It argued that any transfer, conversion, or sale of the disputed assets before the inquiry concludes could cause significant financial loss to the state.
The commission sought immediate action under Section 14 of the Money Laundering Prevention Act, 2012, and Rule 18 of the Anti-Corruption Commission Rules, 2007, to prevent disposal of the properties while the investigation continues.
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Background to the Case
Barakat, a former chairman of the Economics Department at Dhaka University and ex-president of the Bangladesh Economic Association, has been in ACC’s crosshairs since it filed a case against him and 22 others in February over the alleged embezzlement of nearly Tk297 crore linked to the AnonTex Group.
Investigators allege that loans were disbursed through Janata Bank’s corporate branch based on grossly inflated land valuations, with the fraud allegedly involving officials colluding to bypass central bank regulations. Barakat was arrested from his Dhanmondi residence in July last year and later secured bail, though the asset scrutiny has continued.
Summary: The Anti-Corruption Commission has intensified its scrutiny of former Janata Bank chairman Abul Barakat’s assets, securing a court order to seize and freeze his properties. The move comes as part of a wider inquiry into whether Barakat acquired wealth beyond his declared sources of income.
