Chattogram: The ACC today filed a case against 34 officials of Janata Bank and S Alam Group for irregularities and embezzlement of loans worth more than Tk 2,500 crore. Director General of the Anti Corruption Commission (ACC) Md. Akhtar Hossain disclosed the information to the journalists during its regular media briefing at the commission headquarters here. The case was filed with the Chattogram-1 Integrated District Office.
According to Bangladesh Sangbad Sangstha, the ACC investigation revealed that the Global Trading Corporation Limited, a sister concern of S Alam Group, along with related individuals, colluded with bank officials to obtain a loan of Taka 1,963.54 crore in violation of regulations. This loan was procured between October 14, 2010, and November 24, 2024, from the corporate branch of Janata Bank's Agrabad branch in Chattogram, and subsequently embezzled.
A total of 34 individuals have been named as accused in the case, including directors and officials of Global Trading Corporation Limited, Sonali Traders, and S Alam Trading Company. The ACC also implicated former chairman, directors, managing director, general manager, and branch managers of Janata Bank in the case.
ACC officials discovered during their investigation that the accused allegedly abused their power, breached trust, and approved loans fraudulently. They reportedly increased funded and non-funded liabilities beyond limits, created excessive obligations in Trust Receipt (TR) limits, maintained overdue Letters of Credit (L/Cs), and approved loans without collecting the prescribed margin.
Furthermore, significant irregularities were identified, including insufficient collateral, overstating collateral value, transferring loan funds through group companies, and failing to arrange necessary insurance.
The investigation also found that in 2019 and 2022, proposals for loan renewal and enhancement of Global Trading Corporation Limited were presented and approved in the bank's Credit Committee and board meetings without proper explanation from the branches or verification of adequate collateral funds. These irregularities facilitated the embezzlement of bank funds.
The accused violated sections 409, 420, and 109 of the Penal Code, section 5(2) of the 1947 Anti-Corruption Act, and section 4(2) of the Money Laundering Prevention Act-2012.