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A Dhaka court has ordered the freezing of two savings certificates belonging to Md Maksudur Rahman, chairman of Swadesh Life Insurance Ltd, as part of an ongoing investigation into alleged financial irregularities.

The order was issued on Tuesday (18 November) by Dhaka Metropolitan Sessions Judge Md Sabbir Fayez following a petition from the Criminal Investigation Department (CID). Court bench assistant Md Riaz Hossain confirmed the development.

According to the petition, the two savings certificates hold a combined value of Tk40 lakh. CID’s investigating officer, Sub-Inspector Nafizur Rahman, stated that Maksudur Rahman had taken a loan of Tk10.21 crore from NRB Commercial Bank’s Uttara branch by pledging fixed deposits held in the name of Swadesh Life Insurance.

The petition notes that he later withdrew the funds and used them for personal purposes and investments in different entities, rather than for the company’s needs, as initial findings suggest.

Investigators argued that if the savings instruments are not frozen, the accused may attempt to withdraw the funds. To ensure a fair and impartial investigation, the CID requested that the court block the accounts held by the accused and individuals linked to him.

The court granted the request, ordering both savings certificate accounts to be frozen.