Former Islami Bank chairman Obaid Ullah Al Masud has been sent to jail in a case related to a Tk 189 crore loan scam at Agrani Bank. Dhaka Metropolitan Senior Special Judge Sabbir Foyez issued the order on Wednesday following a petition from the Anti-Corruption Commission (ACC).
Earlier in the morning, Masud was arrested from his Dhanmondi residence with assistance from police.
In the afternoon, ACC Deputy Assistant Director Md. Shah Jalal—the investigating officer—produced him before the court and requested that he be kept in jail. Since the defense made no bail petition, the court ordered his detention, ACC prosecutor Khandaker Moshiur Rahman said.
Masud resigned from the position of Islami Bank chairman on July 16, 2025, just 11 months after taking charge. Before that, he served as managing director of state-owned Sonali Bank and Rupali Bank, and earlier as general manager of Agrani Bank’s Dhaka Circle-2.
Recently, the Bangladesh Financial Intelligence Unit (BFIU) sent a detailed report to the ACC outlining multiple irregularities and financial discrepancies during his tenure, urging further action.
Following that report, on September 28, the ACC filed a case against former Agrani Bank MD Syed Abdul Hamid, Masud, and nine others. The case alleges they embezzled Tk 189.80 crore by approving loans in violation of banking regulations through Agrani Bank’s Asadganj branch in Chattogram.
Other accused include former principal officer and general manager Mostaq Ahmed, former deputy general manager Abul Hossain Talukder, former general manager Mohammad Shams-ul-Islam, former deputy general manager Tajrina Ferdousi, and former general manager Md. Mofazzal Hossain. Additionally, four directors linked to the Chattogram-based consumer goods company Nurjahan Group were named: Mizanur Rahman of M/s Mizan Traders, Zahid Ahmed (MD of Jasmir Vegetable Oil Ltd), and directors Tipu Sultan and Farhad Monowar.