ACC files S Alam group in 3 cases over Janata Bank loan scam
Staff Reporter :
The Anti-Corruption Commission (ACC) on Sunday filed three additional cases against S Alam Group, alleging misappropriation of more than Tk6,243 crore through fraudulent loans obtained from state-owned Janata Bank.
The cases were filed by ACC Deputy Director Mohammad Sirajul Hoque at the commission’s Chattogram District Integrated Office-1, confirmed Shobel Ahmed, deputy director of the ACC’s Chattogram office.
S Alam Group Chairman Saiful Alam Masud has been named as the prime accused in all three cases. His wife Farzana Parveen, several senior executives of the conglomerate, and dozens of Janata Bank officials have also been accused of facilitating the alleged loan irregularities.
According to the ACC, the first case involves S Alam Vegetable Oil Limited, which allegedly embezzled Tk2,003.48 crore, including interest, between 13 September 2005 and 6 March this year.
A total of 32 people have been accused, including 28 Janata Bank officials.
The second case relates to S Alam Cold Rolled Steels Limited, accused of misappropriating Tk2,297.75 crore between 23 February 2010 and 6 April this year. This case also names 32 accused, 25 of whom are bank officials.
The third case concerns S Alam Trading Company Private Limited, which allegedly siphoned off Tk1,942.56 crore between 10 May 2005 and 6 April 2025. Thirty-one individuals have been named in this case, including five members of the S Alam family and 26 bank officials.
The accused have been charged with criminal breach of trust, fraud and abuse of power under the Penal Code, as well as offences under the Corruption Prevention Act of 1947 and the Money Laundering Prevention Act of 2012.
These cases follow two others filed on 17 December involving more than Tk3,184 crore in alleged loan irregularities linked to S Alam Refined Sugar Industries and S Alam Super Edible Oil.
With the latest filings, the total amount allegedly misappropriated in the five cases has reached around Tk9,428 crore. ACC investigations point to a pattern of irregular loan approvals, inflated collateral valuations and unauthorised fund transfers to entities affiliated with the S Alam Group.
Saiful Alam Masud, who reportedly renounced Bangladeshi citizenship and acquired Singaporean citizenship in 2023, remains under investigation for financial crimes.
Meanwhile, the S Alam Group has initiated arbitration proceedings at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), claiming the interim government’s asset recovery drive amounts to unfair treatment and has caused significant business losses.