ACC to prosecute six from Sikder family, S Alam over Tk 1.5bn ‘embezzlement’

The graft watchdog says a total of 26 individuals will be implicated in the case

The Anti-Corruption Commission is set to bring charges against six members of the influential Sikder family and businessman Mohammad Saiful Alam, better known as S Alam, for allegedly embezzling Tk 1.5 billion from First Security Islamic Bank through loan fraud.

ACC’s Director General Akhtar Hossain confirmed the development on Wednesday, saying that a total of 26 individuals, including former bank directors, will be implicated in the case.

According to ACC’s investigation, the Sikder family obtained the loan through a paper company, Bengal & M Services, and misappropriated the funds via money laundering.

The loan of Tk 1.5 billion was approved on Dec 19, 2018, despite the absence of any valid work orders or collateral, which is considered irregular and unlawful by the ACC.

The investigation also revealed that, following loan approval on Jan 27, 2019, the funds were disbursed on Feb 5, 2019, to companies linked to the Sikder family, including MS Construction and Developers, Mahbub Enterprises, and Mam Impex.

The funds were later transferred to accounts controlled by the Sikder family, causing significant losses to both the bank and the state, the graft busters said.

The investigation also revealed that, following loan approval on Jan 27, 2019, the funds were disbursed on Feb 5, 2019, to companies linked to the Sikder family, including MS Construction and Developers, Mahbub Enterprises, and Mam Impex.

The funds were later transferred to accounts controlled by the Sikder family, causing significant losses to both the bank and the state, the graft busters said.