IBB official suspended after filing ACC complaint against ex-President Sahabuddin, S Alam

An official of Islami Bank Bangladesh PLC has been temporarily suspended after filing a complaint with the Anti-Corruption Commission (ACC) against 38 individuals, including former President Md Sahabuddin and businessman Saiful Alam (S Alam), over the alleged embezzlement of Tk 500 crore from the bank.
The suspended official, Mohammad Yasin Ali, was serving as First Assistant Vice President at the bank’s Foreign Exchange Corporate Branch. Following his suspension, the bank authorities attached him to its Training Academy.
Yasin Ali had submitted the complaint to the ACC seeking an investigation into the alleged misappropriation of Tk 500 crore involving former President Sahabuddin, S Alam and 36 others. Sahabuddin was previously a member of Islami Bank’s Board of Directors.
Explaining the reason for the suspension, Mohammad Altaf Hossain, Acting Managing Director of Islami Bank, said branch-level officers do not have the authority to directly submit complaints to the ACC.
He said that in cases involving loan irregularities, legal action is generally pursued through the courts, which may refer matters to the ACC for further investigation if necessary. The bank also has a dedicated department responsible for handling communications with the ACC, he added.
“It is not clear why a branch official directly submitted a complaint to the ACC,” Altaf Hossain said. “He has been temporarily suspended pending a departmental investigation. The bank will take appropriate legal action through the court in accordance with established rules.”
However, an examination of internal bank documents presents a different picture.
According to the documents, following a decision taken on July 26, the management of the Foreign Exchange Corporate Branch officially assigned Yasin Ali to take necessary steps regarding a corruption complaint to the ACC.
In a formal letter issued on July 27, the branch management authorised Yasin Ali to initiate proceedings with the ACC against Galaxy Sweater, an associate entity of Suprov Composite Knit Limited, and individuals associated with the company.
Former President Md Sahabuddin joined Islami Bank’s Board of Directors in 2017 as a representative of JMC Builders Limited and later became the bank’s vice chairman.
According to official records, he served as a director of the bank from June 8, 2017, to February 20, 2023. He resigned from the directorship in accordance with statutory requirements after being elected President of Bangladesh in 2023.