Five NSU trustees sued for Tk304cr embezzlement

The Anti-Corruption Commission (ACC) has lodged a case against six individuals including five board of trustees of the country's top private educational institution North South University (NSU) for embezzling around Tk304 crore.

ACC Deputy Director Farid Ahmed Patwari filed the case on Thursday, said the commission's Secretary (acting) Sayeed Mahbub Khan.

The accused in the case are NSU board of trustees Chairman Azim Uddin Ahmed, Member MA Kashem, Member Benajir Ahmed, Member Rehana Rahman, Member Mohammed Shajahan and Ashaloy Housing and Developers Limited Managing Director Amin Mohammad Hilali.

"The commission has sued individuals who have primarily been found involved in the embezzlement. The number of accused may increase if we find new evidence," Sayeed Mahbub Khan told journalists.

The board of trustees is the highest governing body of NSU. According to the university regulations, it is a charitable, welfare-oriented, non-commercial and non-profit educational institution.

But the trustees have taken away around Tk304 crore from the university fund illegally without any approval from the university syndicate, the University Grants Commission or the Ministry of Education, according to the case statement.   

The case statement says the trustees approved a hefty amount for the NSU permanent campus by overstating the land price. Subsequently, the land developer deposited the extra money to the bank accounts of the accused, leading to the embezzlement.

"The accused have unjustly benefited themselves by embezzling funds and have committed punishable offenses by exchanging commissions or bribes," states the case.  

Money laundering also took place through the transfer and conversion of the embezzled amount, according to the ACC.

The anti-graft watchdog said it will also initiate separate inquiry to verify several allegations against NSU such as overcharging students, embezzlement of university funds in the name of fixed-deposit receipts, bribe for recruitments, car purchases by evading duties and availing numerous facilities unethically by the university top management.