The Anti-Corruption Commission (ACC) filed a case against 54 individuals, including Ahsanul Alam, the former chairman of Islami Bank and son of Mohammad Saiful Alam Masud, the chairman of S Alam Group, for embezzling Tk 1,113 crore in loans from Islami Bank.
The case was filed by ACC's Deputy Director Md Mostafizur Rahman at the Integrated District Office in Dhaka on Thursday.
The case involves officials from various levels of Islami Bank and the owners of the institutions that took out the loans.
ACC's Deputy Director and Public Relations Officer Md Akhtarul Islam said that the accused, in collusion with each other, created fraudulent records with the intention of benefitting themselves and others through dishonest means. They later used these forged documents to obtain a loan of Tk 993,702,347 from Islami Bank's Chittagong Jubilee Road branch, which amounted to Tk 111,393,637,779, including interest.
The accused have embezzled the money, and they have committed punishable offences under the Penal Code, ACC Act, and Money Laundering Act, he added.
S Alam Group owned as much as 82 per cent stakes in Islami Bank, documents show, but the conglomerate maintained that it had 32 per cent stakes.
Among those sued are Golam Kibria Chowdhury, owner of M/s United Super Traders, Mohammed Monirul Moula, former managing director of the bank, Qaiser Ali and KQMH Habibullah, former additional MDs, Sohel Aman and Shahadat Hossain, former managers of the Jubilee Road branch. The rest are bank officials.
