Dhaka, Wednesday – Obayed Ullah Al Masud, former chairman of Islami Bank, has been arrested by a joint team of the Detective Branch (DB) of police and the Anti-Corruption Commission (ACC). He is a key suspect in a case involving the embezzlement of Tk 189 crore.
According to ACC officials, Deputy Assistant Director Md. Shahjalal’s team took him into custody from his residence on Wednesday. He is scheduled to be produced in court today.
Obayed Ullah Masud resigned as chairman of Islami Bank on July 16, 2025. Previously, he had served as a senior executive at Rupali Bank and Agrani Bank.
The case involves a total of 11 individuals and two companies. Key accused include:
Syed Abdul Hamid, former MD and CEO of Agrani Bank
Obayed Ullah Al Masud, former General Manager
Mizanur Rahman, owner of M/s Mizan Traders
Zahir Ahmed, MD of Jasmeer Vegetable Oil Ltd
ACC investigation revealed that although loans were sanctioned in the name of M/s Mizan Traders, the actual beneficiaries were Nurjahan Group and its associate, Jasmeer Vegetable Oil Ltd. Using salaried employees, they approved and withdrew loans and embezzled 51 crore Taka (Tk 189 crore with interest).
ACC described this as a well-planned and premeditated fraud, where loan approval conditions were deliberately ignored to illegally divert funds.
The arrest is seen as a strong crackdown on large-scale financial crimes and loan fraud in Bangladesh banks.