The ACC today filed a case against 38 people including former and present top officials of the Islami Bank Bangladesh for embezzling of Taka 1045 crore through a fictitious entity ‘Zaman Syndicate’ at the bank’s Pabna branch.
Director General of the Anti Corruption Commission (ACC) Md. Akhtar Hossain disclosed the information to media at its regular briefing at the commission’s headquarters here.
According to the ACC, the accused in connivance with other committed the crime by creating forged and fabricated documents and embezzled nearly Tk 7000 crore from various banks across the country in the name of loans taken by Nabil Group and other related entities, both directly and through proxies.
As part of this scheme, a paper-based institution named ‘Zaman Syndicate’ was opened in the name of an employee of Nabil Group at Islami Bank’s Pabna branch, through which Taka 1045 crore was approved and disbursed as Bai-Murabaha TR (Trust Receipt) investment.
The investigations revealed that out of the approved amount, over Taka 1008 crore was disbursed and embezzled by showing fake trading activities. At the same time, crimes of money laundering were also committed through transfer and conversion of funds to conceal the source and nature of the money.
The case has been filed under sections 409, 420, 467, 468 and 109 of the Penal Code of 1860, section 5(2) of the Prevention of Corruption Act, 1947 and sections 4(2) and 4(3) of the Money Laundering Prevention Act, 2012.
The prominent accused of the case are- S Alam Group owner Mohammad Saiful Alam popularly known as S Alam, his family members, Managing Director of Nabil Group Md. Aminul Islam, Chairman of Zaman Syndicate Rokunuzzaman Mithu, as well as former and current managing directors, deputy managing directors, members of the executive committee and other senior officials of Islami Bank’s Pabna branch, zonal office and head office.

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