In recent months, several groups allegedly linked to S Alam Group tried to withdraw funds from the account using fake vouchers and cheques.

The Anti-Corruption Commission yesterday decided to file a case against 67 individuals, including the former chairman of S Alam Group, over allegations of loan fraud and embezzlement of about Tk 10,500 crore from Islami Bank through abuse of power and influence.

The S Alam Group owner, Mohammad Saiful Alam, has recently taken Bangladesh to the arbitration arm of the World Bank.

Islami Bank has made 4,771 officials OSD (officer on special duty) and terminated another 200 for violating service rules.

The Anti-Corruption Commission has filed cases against three leading businessmen in the country on charges of embezzling large sums of money and amassing illegal wealth.

The S Alam Group concern owes Tk 1,777 crore to the state-owned bank 

Companies linked to the controversial S Alam Group took out 56 percent of the total disbursed loans of First Security Islami Bank (FSIB), one of six Shariah-based lenders controlled by the Chattogram-based business giant.

Mohammed Monirul Moula, the managing director of Islami Bank Bangladesh, has not gone to his workplace since December 19 when he was forced to leave by a group of officials.

Six factories of the controversial business giant S Alam Group in Chattogram were abruptly shut down yesterday until further notice.

S Alam Group owner Mohammed Saiful Alam has initiated a legal effort as a Singaporean citizen to recover financial losses he claims were caused by the Bangladeshi government freezing his assets and harming his investments, The Financial Times reports.

This is the first time the bank filed a case to recover a loan from S Alam

The letter and Saiful Alam’s threat to pursue international arbitration mark his most serious pushback yet against Bangladesh’s interim government.

Islami Bank Bangladesh plans to sell the S Alam Group’s stake in the bank to realise dues of around Tk 10,000 crore from the controversial conglomerate.

A “staffer of S Alam Group” took out Tk 118 crore from Union Bank without any approval or following any banking norms, indicating how the controversial business conglomerate used the bank.

At least six tax officials, including the then tax commissioner, were involved in extending undue favour to two sons of controversial businessman Mohammed Saiful Alam to legalise undisclosed money worth Tk 500 crore, an investigation by the tax intelligence has found.

S Alam Group and its linked companies account for more than 86 percent of the disbursed loans of Global Islami Bank (GIB), one of the six Shariah-based lenders that were controlled by the Chattogram-based business giant.

S Alam Group owner Mohammed Saiful Alam’s 2022-2023 tax file is a puzzle. In that tax year, he declared personal assets worth Tk 2,532 crore, but did not show any personal bank loans from Bangladesh or his foreign income.

S Alam Group’s takeover of the Islami Bank to drain the healthiest bank of the country had left investors and customers in shock. It did not stop there.

The High Court today sought to know updated information about the probe into money laundering allegations against S Alam Group. The court asked the Anti-Corruption Commission (ACC) lawyer Shaheen Ahmed to place the information before it on September 29.

The overseas assets of S Alam Group, including those in Singapore, came under scrutiny following recent media reports.