The Anti-Corruption Commission (ACC) has filed a case against 38 individuals, including S Alam Group owner Mohammad Saiful Alam, for allegedly embezzling Tk 1,83,55,578 from Islami Bank Bangladesh PLC’s Pabna branch through a fictitious company called Zaman Syndicate.
ACC Director General Md. Akhtar Hossain confirmed the case on Sunday (December 14), saying the accused used fraudulent banking practices to approve a Buy-Murabaha TR investment proposal worth Tk 1,450 million in favor of the fake organization. Out of this, Tk 1,080,855,578 was allegedly embezzled and laundered through transfers and conversions to conceal its origin.
The case names prominent figures from S Alam Group, including Mohammad Saiful Alam, his brother Shahidul Alam, and Saiful Alam’s wife Farzana Parveen. Also accused are officials from Nabil Group, including Managing Director Md. Aminul Islam, and executives from Zaman Syndicate, such as Chairman Rokunuzzaman Mithu.
Several Islami Bank officials are implicated, including former MD Mohammad Munirul Maula, former branch manager Mohd. Shahjahan, former AVP Md. Abdul Awal, Senior Principal Officer Md. Moklesur Rahman, and Additional Managing Director Muhammad Kaiser Ali, among others. Members of the bank’s then executive committee, including Syed Abu Asad, Dr. Tanvir Ahmed, and Professor Dr. Md. Fasiul Alam, are also accused.
The legal provisions applied in the case include Sections 409, 420, 467, 468, 109 of the Penal Code 1860, 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 alleges that the accused abused their positions, forged documents, and carried out banking irregularities to approve the fraudulent investment, highlighting ongoing concerns over financial oversight in Bangladesh’s banking sector.
Bd-pratidin English/ Jisan
