Published : 11 Aug 2026, 08:46 PM
Updated : 08 Sep 2026, 09:32 AM
Submission of the investigation report in a share scam case involving outgoing president Mohammed Shahabuddin and 19 others has been pushed back.
The report was due before Dhaka Metropolitan Senior Special Judge Shahjahan Kabir's court on Tuesday, but the Anti-Corruption Commission (ACC) failed to submit it.
The judge has now fixed Oct 27 as the next date for submission, said court bench assistant Riaz Hossain.
Islami Bank senior officer Md Abdus Samad filed the case at the Dhaka Metropolitan Senior Special Judges’ Court on Sept 4, 2025.
Judge Md Sabbir Faiz recorded the complainant's statement and took cognisance of the case, directing the ACC to investigate and submit a report.
The 20 suspects in the case are charged with acquiring Tk 2.51 billion worth of shares in the name of Brilliant Business Company Limited through “coordinated collusion aimed at looting and embezzling bank funds through corruption, fraud and illegal coercion”.
Under the Constitution, no criminal charges can be filed against a sitting president.
Shahabuddin was still president when the case was filed, but it only came to light publicly in the last week of July, when he resigned.
The case statement names the 12th accused as Shahabuddin, identifying him as a director of Islami Bank Bangladesh, with a note in brackets saying he was “nominated by JMC Builders Limited and elected in collusion with accused numbers 1 and 3”.
Shahabuddin, a former ACC commissioner, became a director and later vice-chairman of Islami Bank in 2017 as JMC Builders Limited's representative, and also served on the bank's audit committee.
He stepped down from that post upon being elected president in 2023, as required.
When contacted after the case became public, complainant Samad told bdnews24.com that Shahabuddin is indeed named in the case, but the alleged offence predates his presidency; he was named as a former Islami Bank director.
Allegations
The case alleges that Brilliant Business Company Limited, controlled by the suspects, acquired 77.5 million shares of Islami Bank, or 4.816 percent of the bank's total shares, worth Tk 2.51 billion in total.
The company had authorised capital of Tk 500 million but paid-up capital of only Tk 800,000, making the purchase appear “inconsistent” with its financial capacity.
The complaint says the transaction was carried out through “deliberate and collusive use of irregularities and corruption”.
It also alleges that 24 shareholder companies acquired 81.92 percent of Islami Bank’s shares, many of them linked to S Alam Group.
An analysis of the share transfers, funding sources and transaction dates allegedly found that the buying and selling dates were the same, suggesting the transfers were pre-planned and coordinated.
The case also alleges that the 24 companies linked to S Alam Group, their owners and senior officials, along with directors appointed by them, collectively sought to establish control over the bank and benefited through abuse of power, related-party transactions and investments.
