The Anti-Corruption Commission (ACC) on Monday approved a case against S Alam Group Chairman Mohammad Saiful Alam and 30 others for allegedly embezzling TK 5.53 billion in loans from First Security Islami Bank (FSIB) through a shell company using forged documents, reports UNB.
According to ACC findings, the accused, including current and former senior officials of FSIB, colluded with Mohammad Alamgir Huda, proprietor of the non-existent firm M/S Huda Enterprise, to obtain fraudulent loans from the bank's Anderkilla branch in Chattogram.
The initial loan was sanctioned on November 9, 2016, amounting to TK500 million under Bai-Murabaha (Hypo) investment and TK 550 million under LC facilities.
The approval was allegedly made without complying with standard banking procedures, including verifying the borrower's credit history, business address, insurance policies, trade license, legal opinion, or proper valuation of collateral.
Subsequent investigations revealed that funds were transferred to various other fictitious companies, such as Venus Tradings Ltd, Reasonable Traders Ltd, Abdul Awal & Sons Ltd, and Union Pacific Source & Trade, before eventually being routed to entities linked to S Alam Group-allegedly in violation of the Money Laundering Prevention Act.
Case against S Alam Group chief, others approved
FE Team | Published: May 20, 2025 00:25:39
Case against S Alam Group chief, others approved
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