ACC files 2 cases against S Alam, 38 others over Tk1,625cr embezzlement, laundering
The cases were lodged this morning (28 August) at the Chattogram Integrated District Office-1 by ACC Assistant Director Mahmudul Hasan and Deputy Director Munabil Haque
The Anti-Corruption Commission (ACC) has filed two cases against S Alam Group Chairman Mohammad Saiful Alam Masud and 39 others on charges of embezzling and laundering Tk1,625 crore through Islami Bank and a set of shell companies.
One case accuses nine individuals of laundering Tk548 crore, while the other case accuses 31 individuals for embezzling Tk1,077 crore using fake enterprises.
The cases were lodged this morning (28 August) at the Chattogram Integrated District Office-1 by ACC Assistant Director Mahmudul Hasan and Deputy Director Munabil Haque.
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Confirming the development to The Business Standard, Subel Ahmed, deputy director of the office, said, "If the investigation uncovers additional evidence or involvement of others, it will be taken into account."
According to the case statement, between 2017 and 2024, the accused colluded to misuse their authority at Islami Bank branches to transfer Tk548 crore to accounts of Meher Spinning, Top Ten Trading, Gold Star Trading and Alam Trading.
The funds were later funneled into current accounts of S Alam Group's concerns – S Alam Super Edible Oil, Sonali Traders, S Alam Vegetable Oil, S Alam Refined Sugar – at Islami Bank's Khatunganj branch, before being laundered abroad, the ACC said.
Other accused in the case include former Islami Bank officials, along with officials of S Alam companies.
In the second case, the ACC alleged that Saiful Alam, in collusion with Islami Bank officials and the owner of a fake firm called Messrs Adil Corporation, fabricated documents to secure a Tk400 crore loan in September 2017 without proper verification.
Though the loan limit was initially Tk400 crore, it was repeatedly increased unlawfully, reaching Tk1,281 crore by 2023. Between November 2022 and August 2023, Tk1,077 crore was disbursed in 29 deals to nine paper companies including Craft Business & Trading House and Unique Traders.
The money was later siphoned to S Alam-linked companies such as S Alam & Co, S Alam Cold Rolled Steel, Chemon Ispat, Global Trading and firms owned by Alam's brother, according to the ACC. A total of 31 people have been accused in this case.
