The Anti-Corruption Commission (ACC) has filed a case against 34 individuals among them senior Janata Bank officials and top executives of trading companies linked to the S Alam Group over allegations of a Tk1,963.5 crore loan scam, abuse of power, and criminal breach of trust.

The case was lodged on Sunday (7 December) by ACC Deputy Director Mohammad Sirajul Haque at the commission’s Chattogram District Integrated Office-1.

According to the First Information Report (FIR), the accused colluded to unlawfully obtain and renew loan limits, violate loan conditions, and create excessive funded and non-funded liabilities, ultimately causing massive financial losses to the state-owned Janata Bank.

The primary accused include Rashedul Alam, managing director of Global Trading Corporation Ltd—a concern of the S Alam Group—along with directors Farzana Begum, Mohammad Abdus Sabur, Md Shahidul Alam, Md Saiful Alam, and Md Osman Gani. Two inspection-service executives, Khandaker Robiul Haque and Khandaker Zahirul Haque, were also named for allegedly facilitating the irregularities.

Numerous former senior Janata Bank officials have been implicated, including ex-managing directors, deputy managing directors, general managers, and branch-level officers. Among them are former MD and CEO Md Abdus Salam Azad, former chairman SM Mahfuzur Rahman, and former senior executives Kamran Ahsan, Shahidul Haque, Masfiul Bari, Kamruzzaman Khan, Abdul Jabbar, Tajul Islam, and Ismail Hossain.

The FIR states that the accused approved and renewed loan limits in violation of banking laws and internal guidelines. They allegedly created irregular Letters of Trust Receipt (LTR) liabilities and allowed import transactions without ensuring essential documentation, collateral, or insurance coverage.

The ACC says the coordinated irregularities resulted in one of the largest financial losses ever reported in the state-owned banking sector.