Dhaka, May 19 -- Corruption Commission (ACC) on Monday approved a case against S Alam Group Chairman Mohammad Saiful Alam and 30 others for allegedly embezzling TK 553.21 crore in loans from First Security Islami Bank (FSIB) through a shell company using forged documents.

According to ACC findings, the accused, including current and former senior officials of FSIB, colluded with Mohammad Alamgir Huda, proprietor of the non-existent firm M/S Huda Enterprise, to obtain fraudulent loans from the bank's Anderkilla branch in Chattogram.

ACC launches fresh raid on BCB over graft allegations

The initial loan was sanctioned on November 9, 2016, amounting to TK50 crore under Bai-Murabaha (Hypo) investment and TK 55 crore under LC facilities. Th...