The Anti-Corruption Commission (ACC) of Bangladesh has filed a significant case against industrialist Mohammed Saiful Alam (S Alam) and 35 other individuals for allegedly embezzling over Tk2,032 crore from the state-owned Janata Bank Plc. The charges involve fraudulent loan approvals, collusion, and abuse of authority concerning loans disbursed to S Alam Refined Sugar Industries Ltd.
A total of 36 people have been charged. Principal Accused: Mohammad Saiful Alam, Managing Director of S Alam Refined Sugar Industries Ltd., and Abdullah Hasan, a director of the company.
S Alam Group Affiliates: Several directors and proprietors linked to other S Alam Group entities (e.g., Global Trading Corporation Ltd, Sonali Traders, S Alam Trading Co Ltd).2
Janata Bank Officials: Numerous former senior officials, including former Deputy General Managers, General Managers, Deputy Managing Directors (Md Abdul Jabbar, Md Tajul Islam, Md Ismail Hossain), and the former Chief Financial Officer.
Janata Bank Board Members: Former Chairmen Dr. Jamal Uddin Ahmed and Dr. SM Mahfuzur Rahman, along with former directors, are implicated for allegedly approving or failing to prevent the irregular loan proposals.
The case was filed with the ACC Chattogram District Integrated Office-1 by ACC Deputy Director Mohammad Sirajul Haque, following an investigation into loans from Janata Bank's General Insurance Bhaban Corporate Branch in Agrabad, Chattogram.
The alleged embezzlement occurred between August 25, 2009, and March 6, 2025. The ACC investigation found numerous violations of banking laws, including sanctioning and renewing loans without adequate collateral, written repayment undertakings, or personal guarantees. Opening Letters of Credit (LCs) beyond approved limits, Overvaluation of mortgaged properties.
Failure to realize acceptance commissions and taking refinancing without Head Office approval transferring loan funds to related group entities.
The total amount misappropriated, covering principal and interest across various loan facilities (CC (Hypo), LTR, PAD, IFDBC), is Tk2,032.30 crore.
The accused face charges under sections 409, 420, and 109 of the Penal Code, section 5(2) of the Prevention of Corruption Act 1947, and section 4(2) of the Money Laundering Prevention Act 2012.
