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Published : 17 Dec 2025, 01:22 PM
The Anti-Corruption Commission (ACC) has filed a case against Saiful Alam Masud, the head of the controversial business conglomerate S Alam Group, for allegedly embezzling Tk 20.32 billion through loans taken out in the name of a sugar mill.
The case, filed on Wednesday at ACC's Integrated District Office Chattogram-1, implicates 36 people, including Saiful, officials from Janata Bank, and executives from several S Alam Group entities.
Moreover, a separate case has been filed against 32 people, including the managing director of S Alam Super Edible Oil Ltd, a subsidiary of the conglomerate, and Janata Bank officials.
This case involves the alleged embezzlement of Tk 11.52 billion through loans obtained in the name of the edible oil company.
Subel Ahmed, deputy director of the ACC Chattogram-1 office, confirmed the filing of both cases.
With Saiful, better known as S Alam, as the key suspect, the ACC alleges that between Aug 25, 2009 and Mar 6, 2024, Tk 20.32 billion (including principal and interest) was misappropriated.
The funds were reportedly obtained from Janata Bank under various schemes, including COVID-19 stimulus packages and Trust Receipts (LTR) loans.
In the first case, Saiful is identified as the managing director of S Alam Refined Sugar Industries Ltd.
The second case alleges that between Sept 13, 2005 and Mar 6, 2024, Tk 11.53 billion was embezzled through various loan facilities.
The prime suspect in this case is Shahana Ferdous, director of S Alam Super Edible Oil Ltd. Among those facing charges are the entity's Managing Director Mishkat Ahmed and 29 officials from Janata Bank.
