As this case unfolds, it serves as a reminder of the importance of transparency and accountability in financial matters, and it will be closely watched as it sets a precedent for future cases of alleged corruption

The Anti-Corruption Commission’s allegations against Nobel Laureate Professor Dr. Muhammad Yunus and 12 others have sent shockwaves through the nation. These individuals have been summoned for questioning regarding a Money Laundering case, accused of misappropriating Tk 252.2 million from the Workers Profit Participation Fund of Grameen Telecom. This high-profile case, involving a respected figure, underscores the critical need for transparency and accountability in organizations with significant societal impact.

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While the defense argues that the funds were rightfully paid to employees, the ACC, in a preliminary investigation found evidence of embezzlement and money laundering allegations. This case is a stark reminder that no one is above the law, and allegations of corruption must be rigorously investigated. As the proceedings unfold, it will set a precedent for future cases and further emphasize the importance of upholding the principles of justice and integrity in financial matters.

The ACC’s Allegations

The Anti-Corruption Commission has issued a summons to Nobel Laureate Professor Dr. Muhammad Yunus and 12 others for questioning regarding a money laundering case. They were instructed to appear at the ACC office at 12:30 p.m. on October 5, as indicated in the notice. These 13 individuals are being summoned due to their alleged involvement in the misappropriation of more than Tk 25 crore from the company’s Workers Profit Participation Fund (WPPF).

Highlights:

1. The summons is related to their alleged involvement in the misappropriation of more than Tk25 crore from the company’s Workers Profit Participation Fund (WPPF)
2. The ACC had previously filed a case against Dr. Muhammad Yunus and others on May 30 for their alleged participation in the misappropriation of funds
3. Grameen Telecom’s transactions since 1996 have raised suspicions, according to a complaint
4. The organization urged an investigation into the money laundering complaints filed by workers with the International Labour Organization (ILO)
5. It is noted that approximately Tk2,977 crore worth of suspicious transactions have been conducted within Grameen Telecom’s subsidiaries to date

According to ACC sources, Deputy Director Gulshan Anwar Pradhan, the case’s investigating officer, dispatched this notice on September 27. The ACC had previously filed a case against Dr. Muhammad Yunus and 12 others on May 30 for their alleged participation in the misappropriation of funds. The ACC asserted that the case was initiated after an investigation confirmed the “veracity of the embezzlement and money laundering allegations.” This case has been filed under the Money Laundering Prevention Act. On July 23, 2022, the Department of Inspection for Factories and Establishments (DIFE) officially requested the ACC to investigate allegations of workers’ money embezzlement against Nobel Laureate Dr. Muhammad Yunus.

According to the complaint, most of Grameen Telecom’s transactions since 1996 have raised suspicions. The organization also urged an investigation into the money laundering complaints filed by workers with the ILO. The letter also stated that approximately Tk2,977 crore worth of suspicious transactions have been conducted within Grameen Telecom’s subsidiaries to date, necessitating a thorough inquiry. Additionally, it was noted that Dr. Yunus had withheld shares that were intended for the workers.

The Summoned Individuals

1. Prof. Yunus, Chairman of Grameen Telecom.
2. Md Nazmul Islam, Managing Director of Grameen Telecom.
3. Md Ashraful Hassan, former Managing Director of Grameen Telecom.
4. Parveen Mahmud, Director of Grameen Telecom.
5. Nazneen Sultana, Director of Grameen Telecom.
6. M Shahjahan, Director of Grameen Telecom.
7. Nurjahan Begum, Director of Grameen Telecom.
8. Professor S M Huzzatul Islam Latifee, Director of Grameen Telecom.
9. Advocate Md Yousuf Ali.
10. Advocate Jafrul Hasan Sharif.
11. Md Kamruzzaman, President of ‘Grameen Telecom Sramik Karmachari Union.’
12. Md Firoz Mahmud Hassan, Secretary of ‘Grameen Telecom Sramik Karmachari Union.’
13. Md Mainul Islam, Union’s representative.

The Defense’s Argument

Barrister Abdullah Al Mamun, representing the accused, contends that the disputed money was claimed by Grameen Telecom employees and was paid to them through mediation. According to Mamun, the employees used this money to pay their lawyers’ fees, and no embezzlement or money laundering was involved in the transfer of funds.

Mamun also highlights the irony of the situation, where the government is questioning the lack of dividends to employees while simultaneously leveling corruption allegations for paying them the due amount. He insists that the Tk 252.2 million in question was given as an advance to employees and not embezzled or laundered.

The Rebuttal

Despite the defense’s arguments, the ACC maintains that there are grounds for investigating the case. ACC Deputy Director Md Gulshan Anwar Pradhan, who issued the summonses, stands by the allegations of embezzlement and money laundering. The ACC’s investigation will aim to establish the facts and determine whether any wrongdoing occurred.

The Importance of Transparency

This high-profile case involving a Nobel Laureate underscores the importance of transparency and accountability in financial matters, particularly in organizations with a significant societal impact. It also serves as a reminder that no individual or entity is above the law, and allegations of corruption must be thoroughly investigated.

Major Charges Against Yunus

• A case was initiated following an ACC investigation that confirmed the veracity of allegations related to embezzlement and money laundering against the accused. Yunus faced accusations of embezzling more than Tk 25 crore 22 lakhs from the workers through ’embezzlement and money laundering’. The defendant demonstrated that a settlement agreement outside of court, documented on 9th May 2022, existed. The case also contended that the workers’ dues had been transferred to the bank accounts of several union leaders without their prior knowledge before distributing the dividends.

• The allegations against Grameen Telecom included the loss of five percent of the dividend reserved for employee distribution due to irregularities, the illegal deduction of six percent in the name of lawyer’s fees and other expenses when paying employee dues, and the transfer of two thousand 977 crores from Grameen Telecom to various subsidiaries’ bank accounts for the purposes of money laundering and embezzlement, totaling 45 crores 52 lakhs 13 thousand 643, including interest allocated to the workers’ welfare fund.

• Dr. Yunus economist donated 76 crore 73 lakh 34 thousand taka to three institutions known as Yunus Trust, Yunus Family Trust, and Yunus Center Trust. The Deputy Commissioner of Taxes imposed a total of 15 crore 39 lakh 16 thousand 800 taka in taxes during the three fiscal years from 2011 to 2013.

• Grameen Telecom, an entity under Yunus’s control, submitted its annual returns to the RJSC with false statements. Grameen Telecom falsely claimed in their annual return that no dividends had been distributed by the company, despite having distributed thousands of crores of rupees in dividends to Grameen Kalyan over the years. Such a false statement in the annual return constitutes an offense punishable under Section 397 of the Companies Act, 1994.

• Due to Grameen Telecom transferring its dividends to Grameen Kalyan, it forfeited its non-profit status under Section 28 of the Companies Act, and the license of Grameen Telecom is subject to cancellation under Section 28. The Registrar of Joint Stock Companies and Firms (RJSC) holds the authority to revoke this license in accordance with the law.

The ACC’s summons of Nobel Laureate Professor Yunus and 12 others on charges of embezzlement and money laundering has sparked a significant debate. While the defense argues that the disputed funds were rightfully paid to employees, the ACC insists that an investigation is warranted. As this case unfolds, it serves as a reminder of the importance of transparency and accountability in financial matters, and it will be closely watched as it sets a precedent for future cases of alleged corruption.

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