TK80 CRORE LOAN SCAMS Alam Group chairman among 20 sued

The Anti-Corruption Commission (ACC) has filed a case against 20 people, including former Chairman of First Security Islami Bank Limited and controversial businessman Saiful Alam, on charges of embezzling Tk80 crore by giving a loan in the name of a Chinese restaurant by abusing power and disregarding banking regulations.

ACC Director General (Prevention) Md Akhtar Hossain confirmed the matter at a press conference held at the ACC head office in the capital on Monday.

ACC Deputy Director Afroza Haque Khan filed the case as the plaintiff.

In addition to S Alam Group Chairman and former First Security Islami Bank Chairman Mohammad Saiful Alam, the list of accused in the case includes three former bank officials, owners of 12 business establishments, and four businessmen.

The ACC investigation found that between 2015 and 2021, the bank’s power was abused to withdraw a total of Tk79,966,984 in the name of a company named La Aristocracy.

The funds were withdrawn through 152 loan deals despite the loan limit of the bank exceeded. The money was later laundered through cash withdrawals, pay orders or transfers to other accounts.

The ACC launched its investigation following the publication of a news article titled “234 crore taka loan to Chotpoti shop”. Initially, the loan amount was within the approved limit. However, over time, that limit exceeded, and it stood at about Tk80 crore within a few years.

The loan approved in the name of Messrs La Aristocracy from the Kazir Deuri Women's Branch in Chattogram has become a major scandal of First Security Islami Bank Limited.

The ACC investigation revealed that Najme Nowroz opened a restaurant named La Aristocracy in 2008 and subsequently opened a bank account at the Kazi Deuri Mahila Branch in 2011. In the same year, she was granted a loan of Tk2 crore for purchasing interior decorations and equipment. Over time, additional “loan deals” were approved one after another, gradually surpassing the sanctioned limit.

Currently, against 152 deals created in the name of customer Najme Nowroz, there is an outstanding amount of Tk79 crore 96 lakh 69 thousand 984. However, her approved loan limit was only Tk1.5 crore.