S Alam Group Accused of Embezzling Tk 3300 Crore Using Fake Companies

S Alam Group has been accused of embezzling Tk 3300 crore over the course of five years by fabricating loans through paper companies. These companies—M/s Murad Enterprises, United Super Traders, and Century Food Products—were run by salaried employees of S Alam Group posing as the owners. The individuals involved were distant relatives or cousins of Ahsanul Alam, the son of S Alam Group chairman Mohammad Saiful Alam, who is also the former chairman of Islami Bank Bangladesh (IBBL).

Modus Operandi:
The employees, who were under the control of S Alam Group, signed fake documents for loans under the pretext of purchasing raw materials for export. The funds were obtained from three branches of Islami Bank in Chittagong: Chaktai, Jubilee Road, and Khatunganj.

Between 2019 and December 2023, M/s Murad Enterprises received Tk 1054 crore, United Super Traders Tk 1084 crore, and Century Food Products Tk 1119 crore. Despite showing documentation for export and raw material purchases, the funds were diverted to S Alam Group’s accounts and disappeared through money laundering tactics.

Involvement of High Officials:
The Anti-Corruption Commission (ACC) has found direct evidence implicating key figures, including Professor Dr. Md. Salim Uddin, former chairman of IBBL’s executive committee, and Abdus Salam, member secretary of IBBL’s Shariah Supervisory Committee, in this fraudulent activity. Both officials have been interrogated by the ACC, but were unable to answer many of the questions posed to them. They promised to submit written responses later, appearing visibly nervous during questioning.

Ahsanul Alam's Absence:
Ahsanul Alam, the key figure behind the scheme and the son of S Alam Group's chairman, was summoned for questioning but did not appear. There are indications that he may have fled the country. Attempts to contact him have been unsuccessful, and the vice chairman of IBBL, Dr. Tanveer Ahmed, was also unavailable for comment.

ACC Investigation:
A three-member investigation team led by ACC Deputy Director Yashir Arafat is investigating the case. The investigation began in early 2023, with several senior IBBL and Bangladesh Bank officials already summoned for questioning. Those interrogated include IBBL directors Professor Dr. Md. Sirajul Karim, Khurshid-ul-Alam, and several members of the bank's executive committee.

The ACC has also summoned 17 senior officials from Bangladesh Bank for questioning in early December, including Deputy Director Zubair Hossain and Joint Directors Sunirban Barua and Belal Hossain, among others. These officials are expected to provide documentation and testify about their roles in the loan approval process.