ACC approves case against S Alam Group, Zaman Syndicate

The Anti-Corruption Commission (ACC) on Sunday approved filing a case against the "Zaman Syndicate," linked to Nabil Group, and officials of S Alam Group, over a Tk 10.08-billion-loan fraud and money laundering at Islami Bank Bangladesh PLC's Pabna branch.

According to the ACC, Md Aminul Islam, managing director of Nabil Group, and several others allegedly colluded with bank officials to create fake documents and records, securing loans from various banks in the names of real and shell companies. The total alleged embezzlement in the case is estimated at around Tk 70 billion.

The ACC investigation found that Tk 10.45 billion was approved and disbursed in the name of a paper-based company called "Zaman Syndicate," purportedly for trading activities. Of this, about Tk 10.08 billion is alleged to have been misappropriated. The loans were approved under Bai-Murabaha TR (Trust Receipt) investment using forged documents, abuse of power, breach of trust, and criminal conspiracy.

The accused allegedly transferred and converted the funds to conceal their origin, constituting money laundering.

The case has been filed under relevant sections of the Penal Code, the Prevention of Corruption Act, 1947, and the Money Laundering Prevention Act, 2012. The ACC approved the filing on December 8, and further legal proceedings are underway.

Those named in the case include Md Aminul Islam, managing director of Nabil Group; Mohammad Saiful Alam, managing director and owner of S Alam Refined Sugar Industries Limited; Sahidul Alam, managing director and owner of S Alam Vegetable Oil; Farzana Parvin, chairman of S Alam Vegetable Oil; Prof Dr Md Selim Uddin, former chairman of Islami Bank Bangladesh PLC's executive committee; Prof Dr Mohammad Saleh Jahur and Prof Dr Md Fasiul Alam, both from the Faculty of Business Administration at Chittagong University; Dr Tanvir Ahmed, former member of Islami Bank's executive committee; Muhammad Kaisar Ali, additional managing director of Islami Bank; AFM Kamal Uddin, deputy managing director of the bank; Mohammad Munirul Mawla, former managing director; and GM Mohammad Gias Uddin Kader, senior executive vice president of Islami Bank.

tonmoy.wardad@gmail.com