Police on Sunday arrested  four trustees of the North South University (NSU) after the High Court (HC) rejected their bail petitions in a graft case involving embezzlement of fund and money laundering.

Earlier in the day, the HC asked police to produce the trustees to lower court within 24hrs after hearing on bail petitions filed by them seeking anticipatory bail.

A division bench of Justice Md Nazrul Islam Talukder and Justice Kazi Md Ejarul Haque Akondo passed the order today.

On May 5, the Anti-Corruption Commission (ACC) sued NSU trustee board Chairman Azim Uddin Ahmed, members Benajir Ahmed, MA Kashem, Rehana Rahman and Mohammed Shajahan, and Ashaloy Housing and Developers Ltd Managing Director Amin Md Hilaly for embezzling Tk 303.82 crore of the university.

The accused misappropriated the money in the name of purchasing 9,096.88 decimals of land in Rupganj of Narayanganj in connivance with one another.

Earlier, the ACC initiated investigation into the trustees following a complaint filed by Dr Sufi Sagar Sams, Adviser of the Protection for Legal and Human Rights Foundation.

Out of six accused, four members of the Trustee Board of the NSU moved to the HC seeking anticipatory bail to avoid arrest in connection with the case.

The HC started hearing on the bail petitions on Wednesday and listened to arguments of the lawyers of the petitioners, counsel of ACC and Attorney General.

ACC lawyer argued that trustees purchased lands through irregularities without approval of syndicate, UGC and Education Ministry. They have turned non-profit organization into business house.

The HC said NSU is charging huge tuition fees on students which many guardians do no afford. HC also observed that money laundering and financial crimes are more serious than rape and murder. If murdered, one family is affected. If money laundered, whole society and country are affected.

ACC lawyer also told court that trustees bought land through overvaluation, without tender, without permission of syndicate and government authorities. Attorney General AM Amin Uddin said the trustees committed organised crimes which cannot be done a single person. Besides, trustee Shahjahan is facing another case for forging signature of top govt authority for appointing chosen treasurer.