Hallmark-Sonali Bank Loan Scam: A Tale of Deceit and Justice

The Hallmark-Sonali Bank Loan Scam was a massive financial scandal that rocked Bangladesh in the 1990s. The scam involved the misuse of a loan of Tk 2.5 billion.

The scam was perpetrated by a group of individuals who had connections with the then government. They managed to get the loan from Sonali Bank by submitting fake documents and colluding with bank officials.

The scam was uncovered in 1999, and it was found that the loan had been used for purposes other than what was stated in the application. The money was used to fund various businesses and projects that were not viable.

The scandal led to a huge public outcry and calls for accountability.

The Hallmark-Sonali Bank Loan Scam was a massive embezzlement case that sent shockwaves through Bangladesh's banking industry.

It involved a staggering $350 million, with the Hallmark Group as the primary beneficiary.

The scam was uncovered by Bangladesh Bank in May 2012 at Sonali Bank's Ruposhi Bangla Hotel branch.

Tanvir Mahmud, the managing director of the Hallmark Group, and his wife Jesmin Islam, received life sentences in the case.

Nine others, including Humayun Kabir, then CEO of Sonali Bank, received prison time.

Judge Abul Kashem of Dhaka's Special Judge's court felt that the highest penalty for such a large-scale embezzlement should have been a "death sentence."

The investigation concluded on October 7, 2013, resulting in charges against 26 individuals.

Eleven cases were brought to court in connection with the scam.

A Dhaka court set February 28 to deliver a judgment against 19 people, including Hallmark Chairman Jasmine Islam and Managing Director Tanvir Mahmud in a case filed for swindling over Tk 10.5 crore out of Sonali Bank.

The court had recorded statements of 57 prosecution witnesses, including the complainant of the case. After closing arguments, Judge Md Abul Kashem set the date for delivery of judgment.

Jasmine's brother Tusher Ahmed, the then managing director of Sonali Bank, Humayun Kabir, and Jamal Uddin Sarker, a union parishad chairman, who issued fake trade license to the business group, are among the accused.

Jasmine, Tanvir and six others are now in jail custody while Jamal is now on bail. And 10 others have been absconding.

A Bangladesh court sentenced Tanvir Mahmud, the managing director of Bangladesh's Hallmark Group, and his wife Jesmin Islam to life imprisonment in one of the cases filed concerning the $350 million Sonali Bank loan scam.

Judge Abul Kashem of Dhaka’s Special Judge’s court said the highest penalty for such a large-scale embezzlement should have been a “death sentence.”

Tanvir gave a confessional statement saying that he had handed Tk 3 crore to Taslim Hasan, another accused in the scam, to bribe the board of directors.