The former president has been accused of embezzlement. Islami Bank Plc has filed a complaint with the Anti-Corruption Commission (ACC) against Sahabuddin, S Alam and 38 others.
Mohammad Yasin Ali, assistant vice president of the bank’s foreign exchange corporate branch, recently filed the complaint on behalf of the bank.
The ACC alleged that after S Alam Group took control of Islami Bank in 2017, the loan limit of a company named ‘Suprov Composite Knit Limited’ was increased from Rs 100 crore to Rs 500 crore through fraud. The loan was later withdrawn and embezzled.
According to the complaint, the then bank board of directors member Md. Sahabuddin and three former managing directors Monirul Maula, Abdul Hamid Mia and Mahbub-ul-Alam were involved in the loan approval. They have also been accused of illegally accepting loans and benefiting financially.
According to the allegations of Islami Bank, S Alam, a businessman, has played a role in illegally allocating loans in favour of Suprov Composite Knit Limited, a subsidiary of Anontex Group’s Yunus Badal.
The bank also said the incident was investigated by four audit institutions. The investigation found various irregularities and inconsistencies in the approval of the loan and the withdrawal of money.
The allegations will now be subject to investigation and scrutiny of the ACC. Further legal action will be determined on the basis of investigation.