Tk271cr loan scam: ACC sues S Alam, PK Haldar, 13 others

The Anti-Corruption Commission (ACC) has filed three separate cases against S Alam Group Chairman Mohammad Saiful Alam, controversial businessman PK Haldar, and 13 others for allegedly embezzling around Tk271 crore in loans using forged documents and abuse of power.

The cases were lodged at the ACC's Dhaka Integrated District Office today, confirmed the agency's Director General, Md Akhter Hossain. 

In the first case, Saiful Alam and 13 others are accused of embezzling Tk94.63 crore and laundering Tk32.5 crore. According to the case details, a Tk32.5 crore term loan was sanctioned by Reliance Finance Limited (now Aviva Finance) for a fictitious company, M/s Mostafa & Company, based on forged documents. The funds were then routed to S Alam Super Edible Oil Limited, a concern of the S Alam Group, through multiple transfers.

In the second case, the accused allegedly obtained Tk104.2 crore in the name of another fake company, M/s AM Trading, and laundered Tk34 crore. The ACC states that the accused colluded to fabricate documents, manipulate loan approvals, and misappropriate the funds, which were ultimately transferred to S Alam Super Edible Oil.

The third case involves a Tk71.5 crore loan taken out in the name of M/s Saiful & Company, another fictitious entity. The ACC alleges that Saiful Alam, in collusion with officials from Reliance Finance and the owner of M/s Saiful & Company, created forged documents to secure a loan on 3 October 2013. On 4 November 2013, Tk24 crore of that amount was transferred from First Security Islami Bank's Dilkusha branch to the bank's Khatunganj branch, and then to S Alam Super Edible Oil via Marine Vegetable Oil Limited.

The ACC said the cases reflect a pattern of fraud, misuse of power, and money laundering at every stage of the loan process.