On Sunday, the Anti-Corruption Commission (ACC) authorized the filing of a case against the “Zaman Syndicate,” which is connected to the Nabil Group, and representatives of the S Alam Group about a Tk 10.08 billion loan scam and money laundering at the Pabna branch of Islami Bank Bangladesh PLC.

The ACC claims that Md. Aminul Islam, the managing director of Nabil Group, and a number of other people conspired with bank officials to fabricate records and documents in order to get loans from several banks under the names of shell and actual businesses. An estimated Tk 70 billion has been embezzled in total in this instance.

According to the ACC investigation, Tk 10.45 billion was authorized and paid out in the name of “Zaman Syndicate,” a paper-based business that allegedly engaged in trade. Approximately Tk 10.08 billion of this is said to have been embezzled. Forged documents, power abuse, breach of trust, and criminal conspiracy were used to approve the loans under Bai-Murabaha TR (Trust Receipt) investment.
Money laundering is said to have occurred when the accused moved and changed the money to hide its source.

The complaint was filed in accordance with pertinent provisions of the Money Laundering Prevention Act of 2012, the Prevention of Corruption Act of 1947, and the Penal Code. On December 8, the filing was authorized by the ACC, and additional legal actions are currently under progress.

Md. Aminul Islam, managing director of Nabil Group; Mohammad Saiful Alam, managing director and owner of S Alam Refined Sugar Industries Limited; Sahidul Alam, managing director and owner of S Alam Vegetable Oil; Farzana Parvin, chairman of S Alam Vegetable Oil; Prof. Dr. Md. Selim Uddin, former chairman of the executive committee of Islami Bank Bangladesh PLC; Prof. Drs. Saleh Jahur and Md. Tanvir Ahmed, both from Chittagong University’s Faculty of Business Administration; Muhammad Kaisar Ali, additional managing director of Islami Bank; AFM Kamal Uddin, deputy managing director of the bank; and GM Mohammad G