The Anti-Corruption Commission has brought charges of misappropriating Tk 104.7 billion against businessman Saiful Alam, better known as S Alam, alongside 66 others from the Islami Bank Bangladesh and laundering the money abroad. On Sept 7, 2020, the bank’s board of directors increased the loan ceiling for S Alam Refined Sugar Industries Ltd from Tk 24 billion to Tk 38 billion, exceeding 35 percent of the bank’s capital. These funds were later transferred to S Alam Group–related firms, including Sonali Traders, Global Trading Corporation, SS Power, S Alam Steels, S Alam Cement, and S Alam Vegetable Oil. The ACC said that the accused approved unauthorised loans by misusing power and committed criminal breach of trust, forgery, and fraud by manipulating Islami Bank’s software. The accused embezzled and laundered Tk 92.83 billion, which with accrued interest now totals Tk 104.7 billion.

Source: bd News24 November 09, 2025 12:21 UTC