ACC sues S Alam, 19 others for embezzling Tk80cr from First Security Islami Bank
The case centres on Nazme Nawroz, a Chattogram-based entrepreneur and proprietor of La Aristocracy, who is said to have had close ties with S Alam
The Anti-Corruption Commission (ACC) has filed a case against Mohammad Saiful Alam, chairman of S Alam Group and former chairman of First Security Islami Bank (FSIB), along with 19 others, on allegations of embezzling Tk79.97 crore through fraudulent loan transactions.
The case was lodged today (17 August) at the commission's Chattogram District Integrated Office-1 by ACC Deputy Director Afroza Haque Khan.
Shobel Ahmed, deputy director of the same ACC office, confirmed the filing of the case.
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The case centres on Nazme Nawroz, a Chattogram-based entrepreneur and proprietor of La Aristocracy, who is said to have had close ties with S Alam.
Investigators allege that Nawroz initially obtained loans in 2011 to manage her business, with S Alam facilitating unusually swift approvals.
Between 2015 and 2021, her loan account was allegedly used to channel funds without legitimate receivables, which were then diverted to various companies and individuals in collusion with Alam and his assistant, Md Akij Uddin.
The transactions were carried out through FSIB's Kazir Dewri women's branch in Chattogram, bypassing standard banking rules.
The probe found that branch managers Humayra Saida Khanam and Sayeda Nazma Maleka, along with then-managing director Syed Wasek Md Ali facilitated the unauthorised transfers.
Internal audits at FSIB between 2013 and 2021 repeatedly flagged irregularities, including over-limit lending, unpaid instalments, and missing documentation. However, no corrective action was taken, according to the ACC.
The probe identified 152 unauthorised transactions in 2020 and 2021 alone, siphoning off Tk79.97 crore. Funds were allegedly moved via cash withdrawals, pay orders, or transfers to disguise their origins — a process investigators described as money laundering.
The original loans consisted of a Tk5.7 crore term investment and Tk1.5 crore working capital facility for La Aristocracy. The sums were later redirected to accounts of various firms and individuals, in breach of banking regulations.
The charges come amid growing scrutiny of S Alam Group's financial dealings. The conglomerate has been implicated in a series of embezzlement cases involving FSIB and Islami Bank Bangladesh PLC, with reported frauds exceeding Tk1,100 crore.
The Criminal Investigation Department is also probing S Alam for allegedly laundering Tk1 lakh crore through trade-based schemes.
