ACC approves 2 cases against S. Alam group chairman Saiful Alam

The Anti-Corruption Commission (ACC) has approved two cases against Mohammad Saiful Alam, the chairman of the controversial S. Alam Group, over allegations of embezzling Tk1,102 crore through fake, name-only companies.

In the first case, Saiful Alam and 36 others have been accused of embezzling Tk549 crore from First Security Islami Bank in the name of a company called M/S Safran Trade International.

According to the case statement, in 2012, a loan was approved in the name of Safran Trade International using fake documents and abuse of power. Initially, the bank's Jubilee Road branch approved an investment facility of Tk 152 crore. However, in the following years, despite the customer failing to repay, the investment limit was increased and ultimately reached Tk 450 crore in 2023.

The money was transferred to various bank accounts under different names and eventually moved into accounts of S. Alam Group-owned companies such as S. Alam Vegetable Oil Ltd. and S. Alam Refined Sugar Ltd. The ACC has stated that evidence of money laundering has been found in this process.

Charges in this case have been filed under Sections 409, 109, 420, 467, 468, and 471 of the Penal Code, Section 5(2) of the Prevention of Corruption Act, 1947, and Sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.

**In the second case**, Saiful Alam and 30 others have been accused of embezzling Tk 553 crore from First Security Islami Bank in the name of another fake company, Messrs Huda Enterprise.

According to the case statement, in 2016, a loan of Tk 105 crore was approved in the name of Huda Enterprise from the bank’s Anderkilla branch, bypassing proper scrutiny, documentation, and procedures.

After receiving the loan, the money was transferred to Union Bank through several name-only entities. From there, through cheques and transfers, Tk 130 crore was moved to two companies under the S. Alam Group.

The investigation revealed that between 2018 and 2023, additional funds were disbursed under the guise of loan renewals, leading to the total embezzlement of Tk 553.21 crore.