The Anti-Corruption Commission (ACC) has filed a case against Mohammad Saiful Alam, Chairman of S Alam Group and former Chairman of First Security Islami Bank, along with eight others, accusing them of embezzling Tk548 crore.
In a separate case, Saiful Alam and 30 others have been accused of embezzling Tk1,077.11 crore through nine shell companies.
ACC Director General (Prevention) Md Akhtar Hossain shared the information at a press briefing on Thursday afternoon.
Tk548 crore embezzlement case
The other accused are former Islami Bank official Miftah Uddin; former Managing Director Mohammad Monirul Mawla; former Deputy Managing Director Akiz Uddin; Md Mashiur Rahman, Managing Director of Shab Meher Spinning Mills; Mohammad Shawkat Usman, a director of the same company; Md Almas Ali, proprietor of Top Ten Trading House; Bedarul Islam, proprietor of Gold Star Trading House; and Nurul Alam, proprietor of Alam Trading and Business House.
According to the case statement, the accused colluded to misuse their authority to transfer, convert, and hand over Tk548 crore to various entities linked to Saiful Alam. The case has been filed under the Penal Code, the Anti-Corruption Commission Act, and the Money Laundering Prevention Act.
Tk1,077.11 crore embezzlement case
Saiful Alam, allegedly in collusion with officials at various levels of Islami Bank and the owner of a shell company named M/S Adil Corporation, engaged in forgery and fraud. By creating fake documents and abusing his position, he secured a loan proposal without proper assessments—including obtaining a CIB report, legal opinions from panel lawyers, valuation of proposed collateral, or evaluating the borrower’s capacity and loan eligibility—and got a Tk400 crore investment proposal approved on September 10, 2017.
Although the approved limit was initially Tk400 crore, it was unlawfully increased multiple times, with the current outstanding amount standing at Tk1,281.45 crore. Between November 8, 2022, and August 29, 2023, a total of Tk1,077.11 crore was disbursed through 29 transactions to nine shell companies, including Craft Business & Trading House and Unique Traders & Business House. These funds were later transferred—allegedly for embezzlement—to entities linked to Saiful Alam, such as S Alam & Company, S Alam Cold Rolled Steel, Chemon Ispat, Global Trading, and companies owned by his brother.