ACC to probe Suvastu over embezzlement, money laundering

The Anti-Corruption Commission (ACC) has decided to launch an inquiry into allegations of embezzling money from hundreds of customers, laundering funds abroad and amassing illegal wealth against Suvastu Development Limited, its chairman Abidur Rahman and other directors.
A source at the ACC’s Money Laundering Wing confirmed the decision on Sunday.
According to ACC sources, the commission received multiple complaints alleging that the company’s chairman and directors had misappropriated money collected from customers, transferred funds abroad and accumulated illegal assets.
After reviewing the complaints, the commission decided to initiate an inquiry and appoint an inquiry officer and a supervising officer to investigate the allegations.
The complaints allege that the company’s chairman and directors misappropriated money paid by hundreds of customers for flats and plots and subsequently transferred funds abroad.
They are also accused of accumulating illegal assets both at home and abroad. However, the allegations remain unverified and will be examined during the inquiry.
ACC sources said the inquiry officer would be instructed to complete the investigation and submit a report within the stipulated timeframe under the Anti-Corruption Commission Act, 2004; the Anti-Corruption Commission Rules, 2007; the Money Laundering Prevention Act, 2012; and the Money Laundering Prevention Rules, 2019.
The commission has also directed the officials concerned to promptly inform the relevant wing in writing if freezing bank accounts or attaching movable and immovable assets becomes necessary during the inquiry.
An ACC source said investigators would examine how much money the company collected from customers, how the funds were used and whether any embezzlement or illegal transfer of money abroad took place.
The inquiry will also scrutinise the sources of the chairman’s and directors’ personal and corporate assets, how those assets were acquired and any financial transactions linked to the allegations.
If evidence supports the allegations, the commission may initiate further legal proceedings against those involved.
The inquiry remains at a preliminary stage, and the ACC has yet to reach any conclusion regarding the allegations or the responsibility of the individuals concerned.