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A Dhaka court has set October 27 for submission of an investigation report in a case against former president Mohammed Shahabuddin and 19 others over the alleged fraudulent acquisition of Islami Bank shares worth Tk 251 crore.
Dhaka Metropolitan Senior Special Judge Shahjahan Kabir fixed the date on Tuesday after the Anti-Corruption Commission (ACC), which is investigating the case, failed to submit its report on the scheduled date.
The case was filed on September 4, 2025, by Islami Bank Bangladesh PLC Senior Officer Md Abdus Samad. The court subsequently directed the ACC to investigate the allegations and submit a report.
According to the case statement, Brilliant Business Company Ltd acquired 77.53 million shares of Islami Bank, representing 4.816 per cent of the bank’s total shares, for Tk 251 crore.
The company reportedly had a paid-up capital of only Tk 8 lakh, despite having authorised capital of Tk 50 crore.
The case alleges that the accused acted in collusion and abused their positions to facilitate the share acquisition and misappropriate public funds.
Shahabuddin, identified in the case as Islami Bank director Md Shahabuddin, was named accused No. 12. The statement alleges that he was elected as a director in coordination with S Alam and Abdul Wahed.
Other accused include S Alam Group Chairman Mohammed Saiful Alam, Brilliant Business Company Chairman Mirfat Ara Begum and Managing Director Abdul Wahed, as well as several Islami Bank directors and officials.
The case further alleges that 24 shareholder companies acquired 81.92 per cent of Islami Bank’s shares as part of a coordinated effort to establish control over the bank. Many of the companies were allegedly linked to S Alam Group.
The court has imposed a travel ban on all the accused except Shahabuddin.
