Nabil Group owner Aminul among 30 sued over Tk950cr embezzlement

The Anti-Corruption Commission (ACC) has filed a case against 30 individuals, including Nabil Group owner Aminul Islam Swapan and S Alam Group owner Saiful Islam, for allegedly embezzling Tk950 crore from Islami Bank.

The case was lodged at the ACC's integrated district office today (30 July), confirmed ACC Director General Md Akhter Hossain.

According to the ACC, the accused individuals siphoned off the funds through forged documents, fake records, and money laundering.
Rajshahi-based Nabil Group is considered a close ally of the Chattogram-based S Alam Group. Over the past seven and a half years, the S Alam Group and Nabil Group have reportedly withdrawn nearly Tk50,000 crore from the Islamic Bank alone.

The Bangladesh Bank, BFIU, ACC, NBR and CID are investigating various types of frauds committed by Nabil Group. The group's name came up in several embezzlement and money laundering cases linked to S Alam Group and its owner following 5 August 2024.

In September last year, the BFIU asked banks to freeze the accounts of Nabil Group Chairman Jahan Box Mondol, Managing Director Md Aminul Islam, and their family members due to suspicious transactions.

This year in February, Aminul, also founder of Nabil Group, and his associates were fined Tk3.40 crore on charges of share manipulation.  The Bangladesh Securities and Exchange Commission on 10 December 2024 decided to impose the fines after the Dhaka Stock Exchange, during an investigation, found proof of manipulating Orion Pharma shares. 

Later in March, a Dhaka court ordered authorities to attach 178 bigha plots owned by Aminul Islam, his wife Ishrat Jahan and their four companies, over graft allegations.

Of the plots, 132 bigha were in the name of Aminul, 23 bigha in Ishrat's name, 13 bigha under the name of Nabil Pharma, one bigha in name of Anwar Feed Mills, nine bigha in name of Nabil Great Homes Limited and another eight shatak under the name of Nabil Naba Foods.