Despite having a cumulative 48-year prison sentence hanging over his head across three separate cases involving financial misappropriation, money laundering, and illegal asset accumulation, Orion Group Chairman Obaidul Karim remains at large.
Over the past 16 years, Karim has deftly manoeuvred through legal loopholes, with court documents mysteriously disappearing and hearings being postponed repeatedly.
He faces a total of 14 cases, three of which have already resulted in his conviction. Notably, 11 of these cases stem from the embezzlement of Tk488 crore from Oriental Bank. Although these cases were filed in 2007, the trials have languished in a state of limbo.
However, the Anti-Corruption Commission (ACC) has recently renewed efforts to revive these dormant cases.
Once ranked second on the caretaker government's list of top corrupt figures in 2007, Karim was widely criticised for his involvement in various frauds and scams.
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During the anti-corruption drive led by the Joint Forces' task force, he went into hiding to avoid arrest.
Despite this, he was eventually convicted in absentia by a special court, receiving at least 48 years of prison sentences across three cases.
In one notable case, Karim was sentenced to life imprisonment (equivalent to 30 years) for embezzling nearly Tk7 crore from Oriental Bank, along with a fine equivalent to the embezzled amount.
Failure to pay this fine would result in an additional two-year prison term. Furthermore, he was handed a 5-year sentence for laundering Tk2 crore 20 abroad, with a similar fine and additional prison time in case of non-payment.
Another 13-year sentence was imposed for illegally amassing assets worth Tk50 crore and concealing the true extent of his wealth, with a Tk10 lakh fine and an extra year of imprisonment if unpaid.
Disappearance of court documents in life imprisonment case
ACC filed a case against Obaidul Karim at Motijheel Police Station on 1 February 2007 for embezzling Tk6.7 crore from Oriental Bank.
On 27 December of the same year, a special judge’s court sentenced him to life imprisonment (30 years) and imposed a fine equivalent to the embezzled amount.
In 2008, Karim appealed the verdict to the High Court, which subsequently stayed the sentence.
However, after the ACC appealed, the Appellate Division overturned the stay order in 2009, directing Karim to surrender to the trial court.
It took nearly a year for the case documents, including the High Court's orders, to reach the lower court.
On 9 December 2010, the documents were finally submitted to the trial court, only to disappear for the next 12 years.
The disappearance was discovered on 20 April 2022, prompting the ACC to question five individuals connected to the case.
While the documents have since been recovered, the case remains in stasis.
Officials from the ACC’s prosecution branch have indicated that the commission is taking steps to reactivate all stalled cases, including replacing appointed lawyers if necessary.
13-year sentence in illegal asset case
On 8 October 2007, the ACC Deputy Director Abdul Karim filed a case at Ramna Police Station against Obaidul Karim for illegally acquiring Tk52.92 lakh and concealing his wealth.
Following the trial, on 25 June 2008, Judge Khandaker Kamal Uz-Zaman of Special Judge's Court-9 sentenced Karim to a total of 13 years of rigorous imprisonment—10 years for acquiring illegal assets and 3 years for concealing information.
Additionally, the court ordered the confiscation of assets worth Tk52.92 lakh and imposed a fine of Tk10 lakh with a further year of imprisonment if the fine was not paid.
The sentence is to be served once Obaidul Karim surrenders or is apprehended.
However, he appealed the verdict to the High Court, which stayed the sentence.
ACC’s appeal against this stay was upheld by the Appellate Division, directing Obaidul Karim to surrender to the trial court.
The case remains stalled due to missing documents in the trial court.
5-year sentence in money laundering case
On 10 October 2007, the ACC Deputy Director Syed Iqbal Hossain filed a case at Gulshan Police Station against Obaidul Karim, accusing him of laundering Tk2 crore abroad through seven cheques.
A special court sentenced Karim to five years of imprisonment, imposed a fine of Tk2 crore 20 and declared an additional year of imprisonment for non-payment of the fine on 13 August 2008.
Obaidul Karim appealed to the High Court, but his petition was dismissed both there and in the Appellate Division.
The verdict, however, has yet to be enforced.
11 more cases of embezzlement
In addition to these, 11 more cases were filed against Obaidul Karim on 1 February 2007, accusing him of embezzling Tk488 crore from Oriental Bank through fraud and forgery.
These cases were filed by Manjur Hossain, then senior vice president and head of human resources development at the bank, at Tejgaon Police Station. The cases allege that Obaidul Karim, during his tenure as chairman, opened fake accounts and withdrew the funds from various branches, including those at Bangshal, Nawabpur, Mirpur, and Karwan Bazar. These trials have also been stagnant for years.
Obaidul Karim's controversial rise
Obaidul Karim came into talks in 1993 by acquiring the auctioned Kohinoor Chemical Industries.
A year later, Orion Infusion Limited was listed on the stock exchange.
In 1996, during a major stock market crash, Orion declared large dividends and bonus shares for its shareholders, leading to a dramatic increase in its share price.
However, after the crash, Orion ceased issuing dividends or bonus shares, prompting the Securities and Exchange Commission to file a case against the company, though the case was eventually rendered inactive.
The ACC’s 2007 report noted that between 2001 and 2006, Obaidul Karim secured several major projects through rigged tenders and other irregularities.
Discussions about his corruption had been widespread since 2001, but no cases were filed due to his influence.
Following the 2007 political changes, cases began to accumulate against him. Nonetheless, Karim has managed to avoid imprisonment through his connections with corrupt officials and continued fraudulent activities.
As the ACC renews its efforts to pursue the dormant cases against him, the question remains - will justice finally catch up with Obaidul Karim?
