Dhaka: The Anti-Corruption Commission (ACC) has filed five cases against various companies under S. Alam Group for misappropriating Taka 9,428.60 crore from Janata Bank through fake documents, abuse of power, and money laundering. ACC Director General Md. Akhtar Hossain disclosed the information at its regular briefing at the commission headquarters.
According to Bangladesh Sangbad Sangstha, the companies under S. Alam Group violated loan terms, created unauthorized over-financed and non-funded facilities, and took loans without relevant guarantees. They were found to have kept comparatively small FDRs, violated instructions by importing from their own group-affiliated companies, failed to repay the loans on time, overvalued mortgaged properties, and accepted weak collateral. Through such irregularities, they transferred, converted, and misappropriated substantial sums of money.
The ACC further stated that officials of the Janata Bank PLC's corporate branch at Agrabad in Chattogram, as well as the bank's Head Office Credit Committee and members of the bank's Board of Directors, provided illegal assistance in the process. The ACC investigation revealed concrete evidence of misappropriation of over Tk 9,428 crore in loans taken by different companies of the S. Alam Group from the Janata Bank PLC.
Investigators found that 32 people, including a few directors of S. Alam Cold Rolled Steels Ltd, misappropriated Tk 2,297.74 crore, which was the highest among the listed companies. Thirty-six persons from S. Alam Refined Sugar Industries Ltd misappropriated over Tk 2,032 crore, the second highest. Another 32 people from S. Alam Super Edible Oil Ltd misappropriated Tk 1,152.51 crore. Additionally, 32 officials from S. Alam Vegetable Oil Ltd misappropriated Tk 2,003.48 crore through corruption and fraudulent acts.
Moreover, 31 officials from S. Alam Trading Company (Pvt.) Ltd misappropriated Tk 1,942.55 crore in loans taken from Janata Bank PLC.