The chairman of First Security Islami Bank (FSIB), Abdul Mannan, has accused S. Alam Group of siphoning off nearly Tk 38,000 crore through anonymous loans from the bank.

Speaking after a meeting with the Bangladesh Bank governor, Mannan said multiple audits confirmed the embezzlement, with much of the money already laundered abroad. He named Saiful Alam, chairman of S. Alam Group, as the prime beneficiary.

The massive loan default has pushed FSIB into a severe crisis. Bangladesh Bank is reportedly planning to merge five weak banks, including FSIB, raising concerns over job security for employees and deposit safety for customers.