, Nov. 28 -- The Criminal Investigation Department (CID) has filed a money laundering case against former Padma Bank chairman Chowdhury Nafis Sharafat and three others for allegedly misappropriating over Tk 1,613.68 crore.

The case was filed with Gulshan Police Station on November 27 following an investigation by the CID's Financial Crime Unit, said a media release signed by Jasim Uddin Khan, special superintendent of police (media) of the CID in Dhaka, on Friday.

Investigators found that in 2008, Nafis Sarafat, along with his associate Dr. Hasan Taher Imam, managed a license to operate a fund management company named 'Race Management PCL.'

Within five years of its launch, the company was entrusted with managing ten fixed-term mutual f...