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Published : 09 Nov 2025, 06:06 PM
The Anti-Corruption Commission has brought charges of misappropriating Tk 104.7 billion against businessman Saiful Alam, better known as S Alam, alongside 66 others from the Islami Bank Bangladesh and laundering the money abroad.
ACC Assistant Director Mahmudul Hasan started the case on Sunday at the commission’s Integrated District Office, Dhaka, confirmed the anti-graft agency’s Assistant Director (Public Relations) Tanjir Ahmed.
According to ACC officials, this is the biggest financial embezzlement case in the history of the agency.
The ACC’s investigation report revealed that extensive irregularities in the bank’s investment operations marked the start of the S Alam group’s control of the Islami Bank in 2017. On Sept 7, 2020, the bank’s board of directors increased the loan ceiling for S Alam Refined Sugar Industries Ltd from Tk 24 billion to Tk 38 billion, exceeding 35 percent of the bank’s capital. The board acted in violation of the Bank Companies Act of 1991 and the Bangladesh Bank’s single-borrower exposure limit policy.
The approval to increase the loan ceiling came ignoring the CIB report that showed that the borrowers had high liabilities. The board of directors also ignored that the borrower scored below 50 percent in the ICRRS (Internal Credit Risk Rating System). Bangladesh Bank directives were contravened by the action, the ACC investigation revealed.
Even though the companies’ business income was unsatisfactory and the collateral coverage ratio was only 40–70 percent, loan renewals and enhancements were approved, putting the bank and depositors’ money at risk.
The ACC revealed that S Alam established his influence by appointing his relatives and loyal employees to the bank’s investment administration, IT division, and board of directors. Under the leadership of former DMD Taher Ahmed Chowdhury, the bank’s ICTW department allegedly manipulated the TORCH software, allowing loan extensions and maturity changes -- through which about Tk 59 billion was transferred.
A total of Tk 92.83 billion was funnelled through 134 loans to shell companies such as Ahsan Enterprise, Impress Corporation, Aperture Trading, and Unique Traders. These funds were later transferred to S Alam Group–related firms, including Sonali Traders, Global Trading Corporation, SS Power, S Alam Steels, S Alam Cement, and S Alam Vegetable Oil.
A review of the loan transactions showed that on Dec 4, 2023, Tk 370 million was transferred from S Alam Trading Company’s account at Islami Bank’s Khatunganj branch to Global Trading Corporation’s account at Rupali Bank’s OR Nizam Road branch.
The next day, an equivalent of Tk 2.9 billion ($23.58 million) was remitted from that account to SS Power-1 Ltd’s offshore account at the Bank of China’s Singapore branch, the investigation revealed.
The ACC said that the accused approved unauthorised loans by misusing power and committed criminal breach of trust, forgery, and fraud by manipulating Islami Bank’s software. The accused embezzled and laundered Tk 92.83 billion, which with accrued interest now totals Tk 104.7 billion.
The list of accused also includes S Alam’s brother Mohammed Abdullah Hasan, 49, the chairman of S Alam Refined Sugar Industries Limited; Abdus Samad, 58, executive director of S Alam Cold Rolled Steels Limited; its Managing Director Osman Ghani, 58; Global Trading Corporation Ltd owner Rashedul Alam, 64; and Sonali Traders Limited owner Shahidul Alam, 69.
