Dhaka, Aug. 29 -- The Anti-Corruption Commission (ACC) has initiated legal proceedings against Md Saiful Alam, chairman of S Alam Group, along with eight others, on allegations of misappropriating Tk548 crore and laundering the funds through companies affiliated with the group.

ACC Director General Akhter Hossain confirmed on Thursday that the case has been lodged under the Prevention of Corruption Act 1947 and the Money Laundering Prevention Act 2012.Among the accused are several former high-ranking officials of Islami Bank, including Executive Vice President Miftah Uddin, former Managing Director Mohammad Monirul Mawla, and former Deputy Managing Director Akij Uddin.

The case also names Md Moshiur Rahman, managing director of Shob Meh...