Staff Correspondent

The Anti-Corruption Commission, or ACC, has filed a case against 58 people, including Ahsanul Alam - former chairman of Islami Bank and son of S Alam Group owner Mohammed Saiful Alam, on charges of embezzling Tk 10.92 billion through loan fraud from Islami Bank Bangladesh Limited, or IBBL.

ACC Deputy Director Yasin Arafat filed the case on Thursday at the organisation's Integrated District Office-1 in Chattogram. ACC Deputy Director (Public Relations) and spokesman Md Akhtarul Islam confirmed the filing of the case to bdnews24.com.

The case dossier says that the accused conspired with each other to embezzle money from IBBL by taking out a fraudulent loan in the name of Murad Enterprise. Those accused in the case are former IBBL chairman Ahsanul Alam, former director and chairman of the EC committee Md Salim Uddin, former vice chairman Tanvir Ahmed, former directors of the bank Md Fasiul Alam, Kazi Shahidul Alam, Md Sirajul Karim, Jamal Mostafa Chowdhury, Joynal Abedin, former director Khurshid ul Alam, former independent directors Mohammad Saleh Zahur and Mohammad Solaiman, director Kamrul Hasan, and former nominee director Syed Abu Asad.

In addition, the bank's managing director Mohammed Monirul Moula, former additional managing directors of IBBL Muhammad Qaisar Ali and JQM Habibullah, former deputy managing directors and chief human research officers Md Mostafizur Rahman Siddiqui, Miftah Uddin, Mohammad Ali and Mohammad Sabbir, former deputy managing director Kazi Md Rezaul Karim, current Deputy Managing Director Rafiqul Islam, former SEVP and AMD Md Altaf Hossain, SEVP GM Muhammad Gias Uddin Quader, Abu Sayeed Muhammad Idris and former SEVP Mohammad Ullah, the head of the bank's Investment Administration Department and Executive Vice President Md Fariduddin Ahmed, Cox's Bazar Branch Manager Aman Ullah, former Chaktai Branch of Chattogram manager and current FAVP Mohammad Ali Azgar, former investment in-charge of Chaktai Branch Khawaja Mohammad Khaled, Head and Assistant Vice President of Chaktai Branch Md Manzur Hasan, Head of Chittagong South Zone of Islami Bank Mohammad Yakub Ali and Head of South Zone and SEVP Mia Mohammad Barkat Ullah have been named in the lawsuit.

Those accused in the case as the owners of the borrowing companies are M/s Murad Enterprise owner Mohammad Golam Sawar Chowdhury, Chowdhury and Hossain Trade Link owner Mohammad Ershad Hossain Chowdhury, Bismillah Trading Corporation owner Morshedul Alam, M/s United Super Traders owner Mohammad Golam Kibria Chowdhury, Chemon Ispat Limited director Md Nazrul Islam, that company's Managing Director Mohammad Saiful Islam, Century Food Products Limited Managing Director Md Ariful Islam Chowdhury and Director Mohammad Hasanuzzaman, Rainbow Corporation owner Raihan Mahmud Chowdhury, Ansar Enterprise owner Ansarul Alam Chowdhury, Sonali Traders owner Shahidul Alam, Famous Trading Corporation owner Arshadur Rahman Chowdhury, Global Trading Corporation Managing Director Md Rashedul Alam and Director Mohammad Abdus Sabur, Green Expose Traders owner MA Monayem, Coastline Trading House owner Ershad Uddin, Just Right Trade International owner Md Gias Uddin, Exclusive Business House owner Ferdous Ahmed Bappy, Annex Business Corner owner Anwarul Azam, Central Park Trading House owner Mohammad Manjur Alam, Jupiter Trade International owner Mohammad Mamun, Chowdhury Business House owner Mohammad Russell Chowdhury and Deluxe Trading Corporation owner Kazi Mejbah Uddin.

The case documents say that in November 2021, the S Alam Group affiliated M/s Murad Enterprise owner Sarowar applied for a loan to the Chaktai branch of IBBL in Chattogram.

The following month, the concerned officials of the branch approved the loan without verifying it. Murad Enterprise applied for the loan by creating fake documents based on false information. This loan was then approved without any scrutiny. Initially, an application for a loan of Tk 8.90 billion was made, but later it was increased to nearly Tk 11 billion.

Those concerned say that instead of using the loan for Murad Enterprise, S Alam gave it to various businesses under the conglomerate, which used them to pay off loans. This is an offence under the Prevention of Money Laundering Act.

On Aug 21, the ACC started investigating allegations of money laundering against Saiful Alam alias S Alam, the owner of the S Alam Group.

In 2017, the S Alam Group took control of IBBL. After that, various cases of loan fraud against the bank have come to light.

In December 2023, a massive loan fraud incident at IBBL was also reported in the media.

A loan of Tk 32.57 billion was given to three institutions from three branches of the bank in Chattogram without following the rules. After the complaint was submitted to the ACC, the commission took the complaint into consideration and decided to investigate it.

The investigation was given to ACC Deputy Director Sirajul Hoque. Later, when he was transferred, the responsibility was handed over to ACC Deputy Director Yasin Arafat.

After the changeover in power in August, the investigation into the IBBL fraud case gained momentum. Then, in November and December, the ACC questioned more than fifty officials of the bank.