Probe report in Shahabuddin’s fraud case due Oct 27

The court has set October 27 as the new date for submitting the investigation report in a case filed against former president Mohammed Shahabuddin and 19 others over alleged irregularities involving Tk 251 crore in the acquisition of shares in Islami Bank Bangladesh PLC.

Tuesday, August 11, was fixed for submission of the report. However, the Anti-Corruption Commission (ACC), the investigating agency, failed to submit it. Dhaka Metropolitan Senior Special Judge Shahjahan Kabir subsequently fixed October 27 for submission of the report.

Bench Assistant Riaz Hossain confirmed the matter.

Mohammad Abdus Samad, a senior officer of Islami Bank’s principal branch, filed the case application with the court on September 4, 2025. After recording the complainant’s statement, the then Dhaka Metropolitan Senior Special Judge Mohammad Sabbir Faiz took the case into cognizance and directed the ACC to investigate and submit a report.

The accused include Abdul Wahed, managing director of Brilliant Business Company Limited; Mirfat Ara Begum, chairman of the company; Mohammad Saiful Alam, also known as S Alam, chairman of S Alam Group and S Alam Centre; Islami Bank Bangladesh PLC director Mohammad Zainal Abedin; Arast Khan; Professor Mohammad Nazmul Hasan; Abu Said Mohammad Kashem; Saiful Islam; Mohammad Nasir Uddin; Syed Abu Asad; Mohammad Kamrul Hossain; Ahsan Alam; Professor Dr Mohammad Selim Uddin; Shawkat Hossain; Khurshid-ul-Alam; Professor Dr Kazi Shahidul Alam; Major General (retd) Engineer Abdul Matin; Jamal Mostafa Chowdhury; and Professor Dr Mohammad Sirajul Karim.

In the case statement, Shahabuddin, identified as a director of Islami Bank Bangladesh PLC, has been named as accused No. 12. The complaint alleges that he became a director through an arrangement involving S Alam and Abdul Wahed.

According to the complaint, Brilliant Business Company Limited acquired 77,536,393 shares of Islami Bank, representing 4.8160 percent of the bank’s total shares, for Tk 251 crore.

The complaint alleged that although the company had an authorised capital of Tk 50 crore, its paid-up capital was only Tk 8 lakh. It questioned how a company with such a small paid-up capital could acquire shares worth Tk 251 crore, alleging that the transaction was carried out through collusion and irregularities involving public money.

The complaint further alleged that 24 shareholder companies acquired a combined 81.92 percent stake in Islami Bank, with many of the companies allegedly linked to S Alam Group.

An analysis of the share transfers, sources of funds and transaction dates allegedly showed that shares were bought and sold by the parties on the same dates. According to the complaint, this indicated that the transactions were pre-planned and executed under a specific arrangement.

The complaint alleged that S Alam Group, its owners and senior officials, the 24 associated companies and their appointed directors collectively sought to establish control over the bank. It further alleged that they abused their positions, engaged in conflict-of-interest transactions and made investments that undermined the bank’s transparency and internal control mechanisms.

The complaint also accused the defendants of unlawfully benefiting themselves and committing criminal breach of trust involving public money.

After the case was filed, the court imposed travel restrictions on all the accused except former President Mohammad Shahabuddin.