ACC to sue S Alam, Janata officials

The Anti-Corruption Commission (ACC) Thursday approved five separate cases against multiple S Alam Group entities and their officials, as well as Janata Bank officials, for allegedly embezzling Tk 94.28 billion through loan irregularities, misuse of authority, and criminal breach of trust.

According to the ACC findings, multiple companies of the conglomerate obtained large loans from the bank's Sadharan Bima Building Corporate Branch in Chattogram by violating conditions and engaging in unauthorised financial practices.

S Alam Super Edible Oil allegedly misappropriated around Tk 11.52 billion, with 32 individuals accused in this case.

S Alam Refined Sugar Industries allegedly embezzled Tk 20.32 billion, with 36 people accused.

S Alam Vegetable Oil allegedly misappropriated Tk 20.03 billion, with 32 individuals accused.

S Alam Cold Rolled Steels allegedly diverted nearly Tk 23.0 billion, with 32 individuals accused.

S Alam Trading Company (Pvt) Ltd allegedly embezzled Tk 19.43 billion, with 31 individuals accused.

The accused include directors of the companies; officials of the bank's branch in question, divisional office, and head office credit committee; as well as some members of the bank's board of directors.

The ACC identified several major irregularities in the loan process.

The companies allegedly breached loan approval conditions by not increasing the required collateral despite taking large loans.

tonmoy.wardad@gmail.com