Sahabuddin’s share fraud case: Probe report due Oct 27

A Dhaka court has set October 27 for the submission of an investigation report in a case against former president Mohammed Shahabuddin and 19 others over the alleged acquisition of Islami Bank shares worth Tk 251 crore through fraud and collusion.

Dhaka Metropolitan Senior Special Judge Shahjahan Kabir fixed the date on Tuesday after the Anti-Corruption Commission (ACC), which is investigating the case, failed to submit the report on the scheduled date.

The case was filed on September 4, 2025, by Islami Bank Bangladesh PLC Senior Officer Md Abdus Samad. The court later directed the ACC to investigate the allegations and submit a report.

According to the case statement, Brilliant Business Company Ltd acquired 77.53 million shares, representing 4.816 percent of Islami Bank’s total shares, for Tk 251 crore. The company had a paid-up capital of only Tk 8 lakh, despite having authorised capital of Tk 50 crore.

The case alleges that the accused acted in collusion and abused their positions to facilitate the share acquisition and misappropriate public funds.

Shahabuddin, identified in the case as Islami Bank director Md Shahabuddin, was named accused No. 12. The statement alleges that he was elected director in coordination with S Alam and Abdul Wahed.

The other accused include S Alam Group Chairman Mohammed Saiful Alam, Brilliant Business Company Chairman Mirfat Ara Begum and Managing Director Abdul Wahed, along with several Islami Bank directors and officials.

The case further alleges that 24 shareholder companies acquired 81.92 percent of Islami Bank’s shares, many of which were allegedly linked to S Alam Group, as part of a coordinated effort to establish control over the bank.

The court has imposed a travel ban on all accused except Shahabuddin.