The Anti-Corruption Commission (ACC) has filed a case against 67 individuals, including S Alam Group Chairman Mohammed Saiful Alam, for allegedly embezzling about Tk 10,500 crore in loan funds from Islami Bank Bangladesh Limited and laundering the money to Singapore.
ACC Assistant Director Tanzir Ahmed confirmed the filing on Sunday, describing it as the largest corruption case in the ACC’s history.
According to the case statement, the accused conspired to misappropriate Tk 9,283.93 crore—now amounting to Tk 10,479.62 crore with interest and dividends—by securing loans under false pretenses through companies linked to S Alam Group, including S Alam Refined Sugar Industries Ltd, S Alam Steels Ltd, and S Alam Trading Company Ltd.
The complaint alleges that the funds were diverted through unauthorized transactions and investments using Islami Bank’s internal banking software (TORCH), ignoring credit risk assessments, loan exposure limits, and inconsistencies in clients’ business turnovers.
The case was filed under Sections 409, 406, 420, 467, 468, 471, and 120B of the Penal Code; Section 5(2) of the Prevention of Corruption Act, 1947; and Sections 4(2) and 4(3) of the Prevention of Money Laundering Act, 2012.
The ACC has accused the individuals of colluding to move the funds to entities linked to Saiful Alam’s business interests, causing severe financial losses to the bank and violating multiple banking and anti-money laundering regulations.
Bd-pratidin English/ JIsan
