In a startling turn of events, the renowned S Alam Group has once again captured headlines, this time embroiled in a colossal embezzlement scandal. Allegations have surfaced that under the leadership of Ahsanul Alam, the son of Chairman Mohammad Saiful Alam, a staggering sum of 10.92 billion taka was siphoned off from the Chaktai branch in Chittagong.
An investigation by the Anti-Corruption Commission (ACC) revealed that 34 officials, including the bank’s former Managing Director and directors, were implicated in this web of corruption. The probe uncovered evidence linking 58 individuals to the scandal, prompting the ACC to file charges against them on December 19.
The investigation disclosed that the fraudulent activities were orchestrated in collaboration with Golam Sarwar Chowdhury, owner of Murad Enterprise. In a brazen act of deceit, the group secured loans amounting to 8.9 billion taka in 2021, which ballooned to over 10 billion in 2022, and reached an alarming 11 billion by November 7, 2023. The ACC’s inquiry confirmed that 10.92 billion taka was embezzled from these funds.
As a result, charges have been filed against 56 defendants under various sections of the penal code, including 409, 420, 467, 468, 471, and 477A, as well as Section 5(2) of the Prevention of Corruption Act of 1947.
This scandal, which shakes the very foundations of the nation’s economy, serves as a profound lesson for the country. It underscores the urgent need for heightened vigilance in the fight against corruption within the administration.
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