ACC sues S Alam, 42 others

The Anti-Corruption Commission has filed a case against 43 individuals, including prominent business figures and senior officials of Islami Bank Bangladesh Ltd, over the alleged embezzlement of Tk 363 crore from the bank's Gulshan branch in Dhaka.

Among the accused are S Alam Group Chairman Md Saiful Alam, Nabil Group Managing Director and CEO Md Aminul Islam, and former Islami Bank Chairman Prof Md Nazmul Hasan.

The case, lodged yesterday with the ACC's Integrated District Office, Dhaka-1, centres on a fraudulent loan sanctioned in the name of a paper-based company: Naba Agro Trade International.

ACC Director General Md Akhtar Hossain confirmed the filing.

According to the case statement, the accused conspired to approve a Tk 670 crore loan for Naba Agro, a non-existent entity, by abusing their positions, forging documents, and engaging in corrupt practices. Of the sanctioned amount, Tk 363 crore was disbursed and subsequently misappropriated.

Other business figures named include Shahidul Alam of Sonali Traders, Md Ariful Islam Chowdhury and Md Hasanuzzaman of Century Flour Mills, and Naba Agro Trade International's Mamunur Rashid and Harunur Rashid.

Senior bank officials implicated include former DMD and EVP Miftah Uddin, Additional MD Muhammad Kaiser Ali, FAVP Md Mostafizur Rahman Siddiqui, AVP Md Akir Hossain Mizi, Gulshan branch manager ATM Shahidul Haque, and CEO Mohammad Ali. Several former board members and executive committee members have also been named.