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Islami Bank PLC has filed a complaint with the Anti-Corruption Commission (ACC) against former President Mohammed Shahabuddin, businessman S Alam and 36 others over alleged embezzlement of funds.
Mohammad Yasin Ali, assistant vice-president of the bank’s Foreign Exchange Corporate Branch, filed the complaint with the ACC on behalf of the bank recently.
According to the complaint, after the S Alam Group took control of Islami Bank in 2017, the loan limit of a financially weak company, Suprob Composite Knit Ltd, was allegedly increased from Tk100 crore to Tk500 crore through fraudulent means.
The complaint alleges that the loan proceeds were subsequently withdrawn and misappropriated.
It further alleged that then board member Mohammed Shahabuddin, along with three former managing directors of the bank, Monirul Mawla, Abdul Hamid Mia and Mahbub Ul Alam, and others concerned were involved in approving the loan.
They allegedly approved the loan improperly and benefited financially from the transaction, according to the complaint.
The complaint also alleges that businessman S Alam played a role in securing the loan illegally for Suprob Composite Knit Ltd, an associate company of Yunus Badal of Anontex Group.
Islami Bank said four audit firms had investigated the matter. The investigations reportedly found various irregularities and inconsistencies in the approval of the loan and subsequent withdrawal of the funds.
The allegations are contained in the complaint filed with the ACC and do not, by themselves, establish criminal liability.
