Report in Embezzlement Case Against Sahabuddin, 20 Others Set for Oct 27

Bangla Press Desk:  A Dhaka court on Monday set 27 October for submitting the investigation report in a case against former president Mohammed Shahabuddin and 20 others over allegations of embezzling shares worth Tk251 crore from Islami Bank Bangladesh PLC.

Dhaka Metropolitan Senior Special Judge Shahjahan Kabir fixed the new date as the Anti-Corruption Commission (ACC), the investigating agency, could not submit the report on the day.Riaz Hossain, bench assistant of the concerned court, confirmed the information.

Earlier, on 4 September 2025, Islami Bank Senior Officer Md Abdus Samad filed the case on behalf of the bank. The court recorded the complainant’s statement on the same day and directed the ACC to investigate the allegations and submit a report.

The other accused are Brilliant Business Company Limited Managing Director Abdul Wahed, its Chairman Mirfat Ara Begum, S Alam Group Chairman Mohammed Saiful Alam alias S Alam, Islami Bank Bangladesh PLC directors Md Zainal Abedin, Arast Khan, Prof Md Nazmul Hasan, Abu Sayed Mohammad Kashem, Saiful Islam, Mohammad Nasir Uddin, Syed Abu Asad, Md Kamrul Hossain, Ahsan Alam, Prof Dr Md Selim Uddin, Shawkat Hossain, Khurshid-ul-Alam, Prof Dr Kazi Shahidul Alam, Major General (retd) Engineer Abdul Matin, Jamal Mostafa Chowdhury and Prof Dr Md Sirajul Karim.According to the case documents, the accused acquired 7 crore 75 lakh 36 thousand 393 shares of Islami Bank Bangladesh PLC through Brilliant Business Company Limited, valued at Tk251 crore.

The acquisition of shares worth Tk251 crore in the name of Brilliant Business Company Limited, which had a paid-up capital of only Tk8 lakh, was allegedly inconsistent with its financial capacity.

The allegations further said that 24 shareholder companies acquired a total of 81.92% of the shares of Islami Bank Bangladesh PLC, with many of those companies allegedly linked to S Alam Group.

The case alleged that the share transfer process appeared to have been carried out through prior planning and a coordinated arrangement, with S Alam Group influencing them to collectively adopt a strategy to establish control over the bank.