ACC sues S Alam, Nabil group chiefs, 43 others over Tk 363cr loan scam

The Anti-Corruption Commission (ACC) has filed a case against S Alam Group owner Md Saiful Alam, Nabil Group owner and Managing Director Md Aminul Islam, and 43 others for allegedly embezzling Tk 363 crore from a sanctioned loan of Tk 670 crore taken from the Gulshan branch of Islami Bank Bangladesh in the name of Naba Agro Trade International.

The case was lodged on Wednesday with the ACC's Integrated District Office in Dhaka-1, ACC Director General Md Akhter Hossain confirmed. He said the accused colluded to misuse power and create fraudulent records to facilitate massive financial irregularities.

According to the complaint, Islami Bank officials recommended and approved the loan proposal for the newly formed Naba Agro Trade International, which later withdrew Tk 670 crore. Of that amount, Tk 363 crore was allegedly siphoned off through fabricated distributions.

The accused include senior executives of S Alam Group, Nabil Group, Sonali Traders, Century Flour Mills, and Naba Agro Trade International, along with top officials of Islami Bank. Among them are Executive Vice President and former Deputy Managing Director Miftah Uddin, Additional Managing Director Muhammad Kaiser Ali, FAVP Md Mostafizur Rahman Siddiqui, AVP Md Akir Hossain Miji, Branch Manager ATM Shahidul Haque, CEO Mohammad Ali, Company Secretary JQM Habibullah, and several former chairmen, directors, and senior managers of the bank.