ACC approves two cases against S Alam Group chairman over Tk 11.02b embezzlement

The Anti-Corruption Commission (ACC) has approved two cases against Mohammad Saiful Alam, the chairman of the controversial business conglomerate S Alam Group, over the alleged embezzlement of Tk 11.02 billion (1,102 crore) through shell companies under the guise of loans.

In the first case, Saiful Alam and 36 others have been accused of embezzling Tk 5.49 billion (549 crore) from First Security Islami Bank in the name of a non-existent company, Messrs Safran Trade International.

In the second case, a similar allegation has been made regarding the embezzlement of Tk 5.53 billion (553 crore) from First Security Islami Bank in the name of a shell company, Messrs Huda Enterprise.

In this case as well, charges have been brought against 31 individuals, including Saiful Alam.