ACC prosecutes business tycoon S Alam for siphoning Tk 15bn from Islami Bank loans

Two cases accuse him and his relatives of misappropriating more than Tk 15 billion through shell firms and irregular loans

The Anti-Corruption Commission (ACC) has filed two cases against S Alam Group Chairman Saiful Alam, widely known as S Alam, over allegations of embezzling more than Tk 15 billion from Islami Bank.

The cases were lodged on Thursday at ACC’s Integrated District Office-1 in Chattogram, ACC Deputy Director Subel Ahmed confirmed.

A total of 40 individuals have been named as accused across the two cases, including Alam’s relatives, officials of S Alam Group, and Islami Bank employees.

ADIL CORPORATION LOAN

The first case centres on loans worth over Tk 10 billion sanctioned in the name of Adil Corporation, allegedly controlled by Alam’s nephew Mohammad Mostan Billah Adil.

Adil opened an account at Islami Bank’s Khatunganj branch on 6 September 2017.

The next day, he applied for loans, which were approved within three days.

Despite lacking eligibility, Adil Corporation was granted 10 separate loans under “special investment facilities”.

Its loan ceiling, initially Tk 4 billion, was later raised irregularly.

Including principal and interest, the outstanding debt has now reached Tk 12.17 billion.

According to the case dossier, between Nov 8, 2022 and Aug 29, 2023, more than Tk 10.77 billion was transferred from Adil’s account to nine shell companies and then diverted to S Alam Group subsidiaries.

In this case, 31 people, including Islami Bank staff members, have been accused.

UNUSUAL TRANSACTIONS

The second case alleges Tk 5.21 billion was siphoned through “abnormal transactions” at Islami Bank’s Khatunganj branch.

Investigators found that on Oct 1, 2024, funds were transferred from an account named Top Ten via debit vouchers to several S Alam Group oil mills to “embezzle” the money.