Dhaka, May 20 -- The Anti-Corruption Commission (ACC) has approved the filing of a case against Mohammad Saiful Alam, Chairman of S Alam Group, and 30 others for their alleged involvement in the embezzlement of Tk 553.21 crore from First Security Islami Bank (FSIB) through fraudulent loan schemes.
According to the ACC, the massive scam was orchestrated through a non-existent company-M/S Huda Enterprise-headed by one Mohammad Alamgir Huda. The case alleges that senior officials of FSIB, both past and present, colluded with Huda to facilitate the disbursement of large loans without following proper due diligence.
The initial disbursement took place on November 9, 2016, when Tk 50 crore was sanctioned under Bai-Murabaha (Hypo) investment and...