A Dhaka court has sentenced nine, including Hall-Mark Group Managing Director Tanvir Mahmud and his wife and company Chair Jasmine Islam, to life in prison for embezzling Tk 100 million in loans in the name of a non-existent company. The court also sentenced eight other suspects to different prison sentences in the case filed by the Anti-Corruption Commission.

Judge Md Abul Kashem of the Dhaka First Special Judge’s Court delivered the verdict in the case on Tuesday.

On Mar 12, the court set the date for the verdict after the state and the defence completed their arguments.

As many as 11 cases were filed against Hall-Mark Group owners, executives and several Sonali Bank officials for embezzling Tk 40 billion from the bank a decade ago. This case is one of the 11 cases filed against them.

On Oct 4, 2012, the ACC filed a case against Max Spinning Mills at the capital’s Ramna Police Station alleging the company had embezzled Tk 105 million out of a loan of Tk 5.26 billion.

On Mar 27, 2016, the court ordered the transfer of the accused to the Special Judge Court-1 of Dhaka for trial after the ACC filed charges.

Verdicts had previously been delivered over the Hall-Mark loan scam in several cases, but neither Tanvir nor Jasmine were accused in those cases.