HC orders ACC probe into ex-president Chuppu

The Bangladesh Financial Intelligence Unit (BFIU) has informed the High Court that former President Mohammed Shahabuddin and his company, JMC Builders, were allegedly involved in the Tk80,000 crore loan scam linked to Islami Bank Bangladesh PLC.

Acting on the report, the High Court directed the Anti-Corruption Commission (ACC) to investigate the allegations.

The development was confirmed on Saturday by lawyer Mohammad Shishir Monir, who is representing a party in the case.

He said the matter is scheduled to be heard on Wednesday by a High Court bench headed by Justice Md Mojibur Rahman Mia.

According to the BFIU report, Shahabuddin was appointed as a nominated director of JMC Builders in 2017.

He later served as Vice Chairman of Islami Bank, a position he held until 13 February 2023, when he assumed office as the country’s President.

The report alleges that during his tenure at the bank, 24 companies secured loans amounting to Tk80,000 crore from Islami Bank.

Among those entities was JMC Builders, a company owned by the former President, the report said.

The BFIU further alleged that the loans obtained by the 24 companies have not yet been repaid to Islami Bank.

The High Court’s directive requires the ACC to investigate the allegations contained in the BFIU report and take further action in accordance with the law.