Court fixes 20 Jan for probe report in Tk251cr embezzlement case against ex-president Shahabuddin, 19 others
Besides Shahabuddin, accused in the case include Brilliant Business Managing Director Abdul Wahed, Chairman Mirfat Ara Begum, S Alam Group Chairman Mohammad Saiful Alam, and 16 directors of Islami Bank.
TBS Report
27 October, 2026, 02:35 pm
Last modified: 27 October, 2026, 02:57 pm
A Dhaka court has set 20 January next year for submission of the investigation report in a case against former president Mohammed Shahabuddin and 19 others over the alleged embezzlement of bank funds through the acquisition of shares worth Tk251 crore.
Dhaka Metropolitan Senior Special Judge Mohammad Shahjahan Kabir set the new deadline today (27 October) after the Anti-Corruption Commission (ACC), the investigating agency, failed to submit its report, court bench assistant Riaz Hossain confirmed.
The case was filed on 4 September 2025 by Md Abdus Samad, a senior officer of Islami Bank Bangladesh.
After recording the complainant's statement, the court directed the ACC to investigate the allegations and submit a report.
According to the case statement, the accused firm, Brilliant Business Company Limited, acquired 7,75,36,393 shares in Islami Bank, representing 4.82% of the bank's total equity and valued at Tk251 crore.
Although the company had an authorised capital of Tk50 crore, its paid-up capital was only Tk8 lakh, making the high-value acquisition financially untenable and indicative of a planned, collusive effort to misappropriate public funds, the case statement says.
The case documents further state that 24 shareholder companies, many linked to S Alam Group, collectively acquired an 81.92% stake in Islami Bank.
An analysis of the transactions revealed that share sales and purchases took place on the same day, pointing to a planned and coordinated scheme to take control of the bank through abuse of power, insider trading and criminal breach of trust.
Besides Shahabuddin, the accused include Brilliant Business Managing Director Abdul Wahed, Chairman Mirfat Ara Begum, S Alam Group Chairman Mohammad Saiful Alam and 16 directors of Islami Bank.