Court sets 27 Oct for probe report on Shahabuddin, others in Tk251cr embezzlement case

A Dhaka court today (11 August) set 27 October for the submission of the investigation report in a case filed against former president Mohammed Shahabuddin and 19 others over the alleged embezzlement of bank funds through the fraudulent acquisition of shares worth Tk251 crore. 

Dhaka Metropolitan Senior Special Judge Shahjahan Kabir fixed the new date after the Anti-Corruption Commission (ACC) failed to submit its report today, confirmed court bench assistant Riaz Hossain.

The case was filed on 4 September 2025 by Md Abdus Samad, a senior officer of Islami Bank Bangladesh. 

Following the recording of the plaintiff's statement, the court directed the ACC to investigate the allegations and submit a report.

According to the case statement, the accused firm, Brilliant Business Company Limited, acquired 7,75,36,393 shares of Islami Bank – representing 4.82% of the bank's total equity – valued at Tk251 crore. 

While the company had an authorised capital of Tk50 crore, its paid-up capital was only Tk8 lakh, making the high-value acquisition financially untenable and indicative of a planned, collusive effort to misappropriate public funds, it says.

The case documents further detail that 24 shareholder companies, many linked to S Alam Group, collectively acquired an 81.92% stake in Islami Bank. 

An analysis of the transactions revealed that share sales and purchases occurred the same day, pointing to a planned and coordinated scheme to take control of the bank through abuse of power, insider trading, and criminal breach of trust.

Besides Shahabuddin, accused in the case include Brilliant Business Managing Director Abdul Wahed, Chairman Mirfat Ara Begum, S Alam Group Chairman Mohammad Saiful Alam, and 16 directors of Islami Bank.