Home
+
Published : 21 Dec 2025, 01:26 PM
The Anti-Corruption Commission (ACC) has filed three more cases against companies linked to the controversial business conglomerate S Alam Group over allegations of large-scale loan embezzlement during the tenure of the ousted Awami League government.
The cases accuse the group’s chairman Saiful Alam Masud, better known as S Alam, his wife Farzana Parveen, and officials of the state-owned Janata Bank and S Alam Group companies of misappropriating more than Tk 62.44 billion through loans.
The cases were filed on Sunday at the ACC’s Chattogram office, Deputy Director Subel Ahmed said.
They involve S Alam Vegetable Oil Ltd, S Alam Cold Rolled Steel Mill and S Alam Trading Company Pvt Ltd -- three affiliates of S Alam Group.
Subel Ahmed, deputy director of the ACC Chattogram-1 office, confirmed the details to bdnews24.com.
According to the first case, interest amounting to Tk 20.03 billion was embezzled from Janata Bank between Sept 13, 2005, and Mar 6 this year by taking out loans in the name of S Alam Vegetable Oil Ltd through various means.
In this case, Farzana is the key accused.
She is identified as a director of KS Alam Vegetable Oil Ltd.
Saiful is the second accused, along with 28 officials of Janata Bank.
The second case alleges that interest of Tk 22.97 billion was siphoned off between Feb 23, 2010, and Apr 6 this year through loans in the name of S Alam Cold Rolled Steel Mill using similar methods.
Saiful is named as the main accused in this case, identified as a director of the company.
Twenty-five officials of Janata Bank have also been accused.
The third case states that Tk 19.42 billion was allegedly embezzled between May 10, 2005, and Apr 6 this year through loans in the name of S Alam Trading Company Pvt Ltd.
All 31 accused in this case are officials of Janata Bank.
In two of the cases, charges have been brought under sections 409, 420 and 109 of the Penal Code, along with Section 5(2) of the Prevention of Corruption Act, 1947, and Section 4(2) of the Prevention of Money Laundering Act, 2012.
Earlier, the ACC filed two cases on Dec 17 over the alleged embezzlement of Tk 30.85 billion in loans out taken in the names of two other S Alam Group-affiliated entities.
