ACC files case against 54, including S Alam's son, over embezzlement

Dhaka, Jan 09 (V7N) — The Anti-Corruption Commission (ACC) has filed a case against 54 individuals, including Ahsanul Alam, the former chairman of Islami Bank and son of Mohammad Saiful Alam Masud, the chairman of S Alam Group, for embezzling Tk1,113 crore in loans from Islami Bank.

The case was filed by ACC's Deputy Director Md Mostafizur Rahman at the Integrated District Office in Dhaka on Thursday.

The case involves officials from various levels of Islami Bank and the owners of the institutions that took out the loans.

ACC's Deputy Director and Public Relations Officer Md Akhtarul Islam said that the accused, in collusion with each other, created fraudulent records with the intention of benefitting themselves and others through dishonest means. They later used these forged documents to obtain a loan of Tk993,702,347 from Islami Bank’s Chittagong Jubilee Road branch, which amounted to Tk111,393,637,779, including interest.

The accused have embezzled this money, and they have committed punishable offenses under the Penal Code, ACC Act, and Money Laundering Act, he added.