ACC files two separate cases against S Alam, Janata Bank officials over Tk3,184cr loan scams
ACC Deputy Director Mohammed Sirajul Haque filed both cases at the ACC's Chattogram District Integrated Office-1 today.
The Anti-Corruption Commission (ACC) has filed two separate cases accusing executives of the S Alam Group and dozens of former senior officials of Janata Bank Plc of embezzling a combined Tk3,184.81 crore through irregular loan sanctions, renewals, enhancements, overvaluation of collateral, and fund transfers to affiliated entities.
ACC Deputy Director Mohammed Sirajul Haque filed both cases at the ACC's Chattogram District Integrated Office-1 today (17 December), said Shobel Ahmed, deputy director of ACC's Chattogram District Integrated Office-1.
In the first case, Mohammed Saiful Alam (popularly known as S Alam) and 35 others have been accused of misappropriating Tk2,032.30 crore in loans disbursed to S Alam Refined Sugar Industries Ltd from Janata Bank's Sadharan Bima Bhaban Corporate Branch in Agrabad, Chattogram, between 25 August 2009 and 6 March 2025.
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Saiful Alam, managing director of the sugar company, and director Abdullah Hasan are the principal accused, alongside other group-linked individuals such as Md Rashedul Alam (MD, Global Trading Corporation Ltd), directors Farzana Begum and Mohammad Abdus Sabur, Md Shahidul Alam (proprietor, Sonali Traders), Md Osman Gani (director, S Alam Trading Co Ltd), and Khandaker Jahirul Haque (MD, Commodity Inspection Services BD Ltd).
Numerous former Janata Bank officials are implicated for facilitating the irregularities, including Md Sirajul Karim Majumder (ex-deputy general manager), Md Kamrul Ahsan (ex-general manager), Md Abul Mansur (ex-deputy general manager and branch head), and others up to board level, such as former chairmen Jamal Uddin Ahmed and SM Mahfuzur Rahman, and ex-directors including Khandaker Sabera Islam, Ajit Kumar Pal, KM Samsul Alam, Mohammad Asad Ullah, Dr Sheikh Shamsuddin Ahmed, Md Abdus Salam Azad, Ziauddin Ahmed, and Md Abdul Majid.
The second case accuses 32 individuals of embezzling Tk1,152.51 crore in loans to S Alam Super Edible Oil Ltd from the same branch between 13 September 2005 and 6 March 2025.
Key group accused include Shahana Ferdous (director, S Alam Super Edible Oil Ltd), Miskat Ahmed (MD, S Alam Refined Sugar Industries Ltd), and Khandaker Jahirul Haque.
Former bank officials named overlap significantly, including Md Sirajul Karim Majumder, Md Kamrul Ahsan, Md Abul Mansur, Md Ashraful Alam (ex-general manager), Md Shahidul Haque, Masfiul Bari, Md Kamruzzaman Khan, AKM Shariat Ullah (ex-CFO), and deputy managing directors Md Abdul Jabbar, Md Tajul Islam, and Md Ismail Hossain, alongside the same ex-chairman and directors as in the first case, plus additional names like Mohammad Abul Kashem, SM Abdul Wadud, Md Zakaria, Mizanur Rahman, Md Shamim Alam Qureshi, Md Asaduzzaman, Sheikh Md Jaminur Rahman, and Begum Rubina Amin.
Both cases allege collusion to violate banking regulations by creating excess liabilities without proper approval, issuing letters of credit despite overdue payments, failing to secure adequate guarantees or commissions, overvaluing mortgaged properties, accepting insufficient collateral, and diverting funds to group companies, resulting in misappropriation and money laundering.
