Six Islami Bank officials forge businessman's signature, leave Tk1cr loan burden

Infographic: TBS

Chattogram importer Nurul Huda's firm has Tk1.03 crore in loans created in its name and records of goods worth Tk2.36 crore imported through the firm. But the businessman says he received neither the loan money nor the imported goods.

The loan's Tk87.15 lakh remains outstanding at Islami Bank's Khulshi branch, leaving M/S Al Walid Trading flagged negatively with Bangladesh Bank's Credit Information Bureau (CIB) and has virtually stalled Nurul's import business since 2022.

Six bank officials allegedly colluded to open letters of credit (LCs) and issue loans in the client's name without his knowledge by forging his signature and using signed blank cheques held at the bank, according to a CID investigation into a case regarding the matter.

The report, submitted by Chattogram CID Sub-Inspector Md Abdul Karim, states that the primary investigation found evidence of fraud, forgery of documents, and issuing threats against the six officials.

The accused are former Khulshi branch manager Mohammad Morshedul Alam, the then second officer Md Mohiuddin, foreign exchange officer Muhammad Zubair Alam Chowdhury, junior officer Rafayet Salah Uddin, former managing director Mohammad Monirul Moula and former chairman Obaid Ullah Al Masud.

How the scheme worked
Nurul opened a current account for Al Walid Trading at the bank's Khulshi branch on 9 August 2022 for his regular import business.

According to the investigation, officials collected signed blank cheques whenever letters of credit were opened. Zubair allegedly collected them under instructions from Morshedul and Mohiuddin.

Goods including Chinese apples and ginger were allegedly imported from several countries using Al Walid Trading's name.

The CID calculated the imports at $193,515 (approximately Tk2.36 crore). Representatives of the accused allegedly cleared the goods without Nurul's knowledge and conducted business with them, earning and embezzling profits.

Using signed blank LC authorisation forms and other documents, five Mudaraba Post Import loan accounts were allegedly opened without Nurul's knowledge.

They also turned SMS alert service off for the account, so Nurul would not receive notifications regarding deposits and withdrawals.

The loans totalled Tk1,03,68,342 and were used to settle import liabilities. Some repayments were later made by the accused, leaving Tk87,15,283 outstanding.

Nurul learned about the loan and imports in January 2023 when he received a notice demanding payment of the loan.

According to the complaint, after he notified the bank and issued a legal notice, he was abused and threatened with cases and death. The investigation also found allegations of intimidation to withdraw the case.

Forensic test finds signature mismatch
By court order, the disputed loan-related documents were sent to the CID Forensic Lab for examination.

Handwriting experts found a clear mismatch between the signatures on the bank's loan documents and Nurul Huda's genuine signature, according to their report.

Nine people were named as accused in the case filed with the Metropolitan Magistrate Court in March 2025. CID later applied to discharge three of them: Mohammad Zahir Uddin, former head of Islami Bank's Agrabad Zonal Office South, Mia Mohammad Barkat Ullah, and Muhammad Zubair Azam Helali.

Plaintiff's account
Nurul told TBS that he may have opened 20 to 25 LCs, primarily to import goods from Saudi Arabia, after opening an account at Islami Bank's Khulshi branch.

The bank took various documents from him, including signed blank cheques, whenever he opened LCs.

He later discovered that LCs had also been opened in his name for imports from Dubai, Vietnam and China.

Although he repeatedly sought account statements and documents to determine the total number of LCs and transactions conducted in his name, he said the bank did not provide them and instead directed him between different branches.

Nurul said he first learned he had been shown as a loan defaulter in 2023, after irregularities were allegedly committed through his account. 

When the bank informed him about a large cheque issued in his name, he denied issuing it.

He later sought the loan documents from the bank and found that he had neither taken the loan nor signed any loan application.

He contacted the branch, zonal office and head office for months, but said no effective action was taken despite assurances that the matter would be resolved.

On 22 December 2024, he issued a legal notice to the bank officials before moving to court.

Case lawyer Nazrul Islam told TBS the CR case is now at the charge-hearing stage following submission of the CID charge sheet.

He criticised CID's recommendation to discharge three accused, saying they were indirectly involved even if not directly involved in the alleged offences.

The lawyer said the bank had been informed through legal notice about alleged cheque fraud and embezzlement, but took no internal or legal action.

He said the forensic report subsequently established the forgery and the defence would be addressed during charge framing.

Mohammad Morshedul Alam, the number one accused, declined to comment, saying the case was pending.

Md Abul Mansur, current Khulshi branch manager, also declined to comment, saying the matter was sub judice.