According to the ACC, IFIC Bank approved overdraft loans worth Tk 545 crore in three phases in the name of Skymark International, of which Tk 538.16 crore was disbursed or withdrawn. Including interest and other charges, the outstanding amount stood at Tk 604.69 crore as of July 23, 2026, according to the commission’s investigation.
The case was filed on September 29 at the ACC’s integrated district office in Dhaka-1 by Deputy Director Md Mostafizur Rahman.
The accused include Ahmed Shayan Fazlur Rahman, a former vice-chairman of IFIC Bank; Skymark International Managing Director Abdullah Al-Manzoor; and director Ishrat Jahan Laizu. Several former directors, managing directors, deputy managing directors and other senior officials of the bank have also been named in the case.
The ACC alleges that the loans were approved without adequate verification of the company’s business operations, financial capacity, repayment ability and collateral. Investigators claim that the funds were not used for Skymark’s business activities but were instead diverted to bank accounts of various companies owned by or linked to Salman F Rahman and the Beximco Group.
According to the case documents, the bank approved an initial overdraft facility of Tk 90 crore for Skymark on August 23, 2022. The limit was raised to Tk 145 crore on January 10, 2023.
The ACC alleges that Tk 52.33 crore was withdrawn in cash over three days in January 2023 without adequate scrutiny of the company’s previous loan utilisation and repayment capacity.
On June 25, 2024, IFIC Bank’s board approved a further increase in the loan limit from Tk 145 crore to Tk 545 crore.
The ACC claims that nearly the entire additional facility was withdrawn within four working days. Between June 27 and July 7, 2024, Tk 394 crore was allegedly withdrawn in cash, while another Tk 1.56 crore was obtained through pay orders. The total disbursement during the period amounted to approximately Tk 395.57 crore.
Investigators allege that much of the withdrawn money was subsequently deposited into accounts belonging to Beximco Limited, Bextex Limited, Beximco Fashion Limited and several other companies allegedly linked to Salman F Rahman.
The commission has also raised concerns over the adequacy and validity of collateral provided against the loans. According to the case documents, a proposal was made to provide 650 decimals of land as security, but questions arose over the identification and ownership of the property. The ACC alleges that the mortgage was not subsequently completed, increasing the risk of recovery for the bank.
The documents also mention a lien on 1.35 crore shares of Beximco Limited owned by a third party. Those shares were valued at Tk 31.20 crore as of August 2, 2026, according to the ACC.
The commission has brought charges under Sections 409, 420 and 109 of the Penal Code, Section 5(2) of the Prevention of Corruption Act, 1947, and Section 4(2) of the Money Laundering Prevention Act, 2012.
The ACC alleges that the loan approvals and subsequent transfers involved collusion among individuals associated with Skymark International and officials of IFIC Bank’s branches, head office, loan committees, executive committee and board of directors. The allegations include fraud, forgery, abuse of power, criminal breach of trust and money laundering.
ACC official Md Saidur Rahman Khan said the investigation found that the loan disbursement and fund transfers allegedly violated Bangladesh Bank directives and IFIC Bank’s internal policies.
He added that the commission’s findings indicated that as much as Tk 230 crore had been withdrawn in a single day, allegedly in violation of banking regulations.
The allegations are under investigation, and the accused are presumed innocent unless proven guilty in court.
 has filed a case against 25 people, including Salman F Rahman, a former private industry and investment){kind=link}