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Published : 19 Nov 2025, 05:55 PM
Former Islami Bank chairman Obayed Ullah Al Masud has been sent to prison after being arrested in a Tk 1.89 billion loan fraud case linked to Agrani Bank.
Dhaka Metropolitan Senior Special Judge Sabbir Faiz issued the order on Wednesday after a petition from the Anti-Corruption Commission (ACC).
Obayed was arrested earlier in the morning at his Dhanmondi residence with police support.
In the afternoon, ACC Deputy Assistant Director Mohammad Shah Jalal, the investigating officer, produced him in court and sought his detention.
With no bail petition, the court sent him to jail, ACC Prosecutor Khandaker Moshiur Rahman said.
Obayed resigned as chairman of Islami Bank on Jul 16, 2025, just 11 months into his tenure. Before that, he served as managing director of state-owned Sonali Bank and Rupali Bank, and earlier as general manager of Agrani Bank’s Dhaka Circle-2.
Recently, the Bangladesh Financial Intelligence Unit (BFIU) sent the anti-graft watchdog a detailed report outlining multiple allegations of irregularities and financial discrepancies during his different tenures, recommending necessary action.
On Sep 28, the ACC filed a case against 11 individuals, including former Agrani Bank MD Syed Abdul Hamid and Obayed, accusing them of misappropriating Tk 1.89 billion by securing loans in violation of regulations from Agrani Bank’s Asadganj branch in Chattogram.
The other suspects include former principal officer and general manager Mostaq Ahmed; former deputy general manager Md Abul Hossain Talukder; former general manager Mohammad Shams Ul Islam; former deputy general manager Tajreena Ferdousi; and former general manager Md Mofazzal Hossain.
Four directors of the Chattogram-based consumer-goods conglomerate Nurjahan Group have also been named: Md Mizanur Rahman, proprietor of Mizan Traders; Zahid Ahmed, managing director of Jasmin Vegetable Oil Ltd; company director Tipu Sultan; and Farhad Monowar.
According to the case statement, although loans were sanctioned to Messrs Mizan Traders for importing chickpeas and wheat, the actual beneficiaries were Nurjahan Group and its affiliate Jasmin Vegetable Oil.
Using salaried officer Mizanur, the group allegedly secured and withdrew the loans through fraudulent means.
The ACC alleges that Jasmin Vegetable Oil MD Zahid Ahmed managed the account opened under a shell entity of Nurjahan Group. Through large loan sanctions and deliberate non-compliance with approval conditions, Tk 510 million -- now Tk1.89 billion with interest -- was misappropriated in a “planned scheme”.
