ACC approves case against 38 linked to Jaman Syndicate, Nabil Group, S Alam Group over embezzling Tk1,008cr
ACC investigations found that accounts were opened in the name of some Nabil Group employees at the Pabna branch of Islami Bank using a paper-based, name-only entity called “Jaman Syndicate” as a front.
The Anti-Corruption Commission (ACC) has approved the filing of cases against 38 people linked to Jaman Syndicate, Nabil Group and S Alam Group on allegations of embezzling around Tk1,008 crore through fake documents and shell companies using Islami Bank's Pabna branch.
ACC investigations found that accounts were opened in the name of some Nabil Group employees at the Pabna branch of Islami Bank using a paper-based, name-only entity called "Jaman Syndicate" as a front, ACC Director General Akhtar Hossain told journalists during a regular briefing today (14 December).
Subsequently, in collusion with bank officials concerned, loans amounting to Tk1,045 crore were approved in favour of the entity in the name of Bai-Murabaha TR investment through fraud, forgery and various irregularities.
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Of this amount, about Tk1,008.83 crore was disbursed. However, as there was no genuine business activity, the money was allegedly embezzled by showing fictitious trading. To conceal the source and nature of the misappropriated funds, the money was transferred and converted through multiple accounts and entities, thereby committing the offence of money laundering.
The ACC said a large syndicate was active in embezzling around Tk7,000 crore in loans from various banks through similar fraudulent means, with Jaman Syndicate being used as part of the broader scheme.
Those named as accused include S Alam Group owner Mohammed Saiful Alam (S Alam); his family members; top officials of various entities linked to S Alam and his family; Nabil Group MD Md Aminul Islam; the chairman and managing director of Medigreen International; the chairman of Jaman Syndicate; and several former and current officials and investment committee members of Islami Bank Bangladesh PLC's Pabna branch, zonal office and head office.
Approval has been given to file cases under Sections 409, 420, 467, 468 and 109 of the Penal Code, 1860; Section 5(2) of the Prevention of Corruption Act, 1947; and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.
According to ACC sources, the embezzlement and money laundering occurred by exploiting weaknesses in Islami Bank's internal control system and the criminal misconduct of responsible officials. Further legal action will follow after the case is filed.
