S Alam Group chairman Mohammad Saiful Alam. File Photo

CHATTOGRAM, Dec 21, 2025 (BSS) - The ACC today filed three cases against three companies of S. Alam Group for taking undue benefits and embezzling of Tk 62.43 billion from Janata Bank’s Agrabad branch here as loans.

The accused in the cases include the group’s chairman Saiful Alam Masud, his wife Farzana Parveen, his brother Abdus Samad and officials of Janata Bank and various concerns of the group, totaling 95 people.

The three cases were filed at the Anti Corruption Commission’s (ACC) Integrated District office in Chattogram by its Deputy Director Sirajul Islam, Deputy Director Subel Ahmed of the ACC Chattogram office confirmed the news.

According to the cases, the accused persons in connivance with each other embezzled Tk 62.43 billion by taking loans against S. Alam Vegetable Oil Limited, S. Alam Cold Rolled Steel Mill and S. Alam Trading Company Private Limited. All the companies are sister concerned of S Alam Group.

According to the first case, S. Alam Vegetable Oil Limited allegedly embezzled Tk 20.03 billion including interest and principal amount. The alleged irregularities took place between September 13, 2005 and March 6 of this year. There are 32 accused in the case including Managing Director of the group Saiful Alam Masud, Director Farzana Parveen and 28 officials of Janata Bank, Agrabad branch.

According to the 2nd case, S. Alam Cold Rolled Steels Limited embezzled Tk 22.97 billion including interest and principal amount of the loans. The alleged embezzlement was taken place from February 23, 2010 to April 6 of this year. There are another 32 accused including Saiful Alam Masud, six officials of the company and 25 officials of Janata Bank.

The third case was filed over the embezzlement of Tk 19.42 billion including interest and principal amount of the loans taken in the name of S. Alam Trading Company Private Limited. The alleged irregularities were taken place from May 10, 2005 to April 6 of this year. There are 31 accused in the case including Saiful Alam Masud, Director Farzana Parveen, five family members and 26 officials of Janata Bank limited.

The accused have been charged under sections 409, 420 and 109 of the Penal Code, section 5(2) of the Prevention of Corruption Act, 1947 and section 4(2) of the Money Laundering Prevention Act, 2012.

Earlier, on December 17, the ACC filed two more cases against two companies under S. Alam Group over embezzlement of Tk 30.85 billion through loans.