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Published : 04 Jun 2025, 12:50 AM
The Anti-Corruption Commission (ACC) has filed two new cases against Salman F Rahman, vice chairman of Beximco Group, and his son Ahmed Shayan Fazlur Rahman, accusing them of embezzling over Tk 10 billion from IFIC Bank through fraudulent loans issued in the names of two fake companies.
Salman, who served as advisor for private industry and investment to ousted prime minister Sheikh Hasina, held the position of Chairman of IFIC Bank for many years under the previous Awami League government.
His son Shayan served as vice chairman. Both have previously been sued by the ACC in connection with alleged embezzlement and money laundering schemes.
On Tuesday, ACC Director General Akhter Hossain told reporters that the two new cases involve "fictitious loans taken out under fake company names, used to siphon funds from IFIC Bank’.
According to the case documents, the loans were orchestrated in collusion, and resulted in the misappropriation of more than Tk 10 billion.
The funds were later diverted through money laundering, according to the ACC.
The cases were filed at the ACC’s Integrated District Office, Dhaka-1, by deputy directors Md Mustafizur Rahman and Md Yasir Arafat.
One case alleges that Tk 6.19 billion was fraudulently obtained from IFIC Bank’s Principal Branch in Dhaka under the name of a non-existent company called Glowing Construction and Engineering Ltd.
Among the accused in this case are Salman, Shayan, Alamgir Alam Chowdhury, managing director of Glowing Construction, and Syeda Munima Hossain, director of the company.
Other accused include former IFIC Bank directors and senior officials, such as Sudhangshu Shekhar Biswas, Shah Manzurul Haque, ARM Najmus Saqib, Kamrun Nahar Ahmed, Golam Mostafa, Md Zafar Iqbal, a former additional secretary, Syed Mansur Mostafa, current MD & CEO, the then deputy MD and chief credit officer, and Md Shah Alam Sarwar, former MD
Other senior executives including DMDs, CIO, CBO (retail), head of treasury, head of credit admin, and branch-level managers.
In a parallel case, the ACC alleges that another fake company, Serve Construction and Engineering Ltd, withdrew Tk 4.34 billion in cash against a forged subcontract and inadequate collateral. This amount was also allegedly laundered and redirected illicitly.
Apart from Salman and Shayan, other accused include Anwaruzzaman Chowdhury, former IFIC Bank director and former mayor of Sylhet City Corporation; Sarwat Sultana Monami, purported director of Serve Construction; Md Monirul Islam, its claimed managing director, several senior and former IFIC Bank executives, including board members, DMDs, and operational staff, and Koushik Kanti Pandit, deputy manager of Corporate Finance at Beximco Group.
Both cases cite violations under Sections 409, 420, 467, 468, 471, and 109 of the Penal Code, the Prevention of Corruption Act, 1947, and Section 4(2) of the Money Laundering Prevention Act, 2012
Following the ouster of Hasina after a student-led uprising, Salman Rahman went into hiding and was reportedly arrested while attempting to flee the country. He now faces multiple criminal charges, including murder.
Shayan has not been seen publicly in Bangladesh since the political shift. According to sources close to him, he remains abroad.
Recently, UK authorities confiscated luxury assets worth £9 million, approximately Tk 1.48 billion, linked to Shayan and his cousin Ahmed Shahriar Rahman, under the Serious and Organised Crime Agency.
Earlier this year, the ACC filed another case accusing Salman, Shayan, and Shahriar of laundering Tk 760 million and embezzling an additional Tk 336.4 million in bank loans through a shell company in London.
That case named 11 individuals, including seven officials from National Bank.
On Apr 20, the ACC also filed a separate case accusing Salman, Shayan, and former BSEC chairman Shibli Rubayat Ul Islam of embezzling Tk 10 billion through the IFIC “Amar Bond” scheme, by fraudulently withdrawing public funds raised through bond sales.
That case names 30 accused, most of whom are officials of IFIC Bank.
