The Anti-Corruption Commission of Bangladesh said Sunday it will file a case against 67 people, including the former chairman of S Alam Group, over alleged embezzlement and loan fraud totaling about $95 million from Islami Bank Bangladesh Limited.
According to the ACC, the accused allegedly diverted funds through unauthorized loans issued in the names of S Alam Refined Sugar Industries, S Alam Steels, and S Alam Trading Company. The money, worth 10,500 crore taka including interest, was allegedly transferred through 134 transactions to shell companies such as Ahsan Enterprise, Impress Corporation, Unique Traders, AgroCorn International, and Dulali Enterprise.
Investigators said the scheme relied on forged documents and insider influence to bypass banking regulations. The alleged shell firms were connected to the business network of former S Alam Group chairman Mohammad Saiful Alam, his brother Abdus Samad, and several associates.
Among those named are former Islami Bank chairman Nazmul Hasan, ex–managing director Mahbub ul Alam, and other current and former officials. The ACC described the case as the largest financial embezzlement in its history.
S. Alam Group is one of Bangladesh’s largest industrial and commercial conglomerates, operating for over four decades with major investments in real estate and diverse sectors that support national growth and employment. The group holds total assets of about USD 16.4 billion, generates USD 5.45 billion in annual revenue, and employs roughly 200,000 people across the country.