Bangladesh Financial Intelligence Unit, or BFIU, has submitted a High Court report alleging the involvement of former president Md. Sahabuddin Chuppu, his company JMC Builders, and S Alam-owned firms in alleged loan and share fraud involving Islami Bank. The report was filed on October 29, 2025, according to the source, following directions issued in an Islami Bank writ case. The article refers to alleged fraud involving Tk80,000 crore.

On March 11, 2025, a High Court bench issued three directions and a rule after the writ. Former Islami Bank board directors serving before the board was dissolved after August 5 were barred from leaving the country without court permission, their bank accounts were ordered frozen, and JMC Builders was barred from transferring shares. BFIU was also directed to submit a report on the matter.

Lawyer Shishir Monir said JMC Builders transferred 81.92 percent of shares through 24 companies and alleged Chuppu approved the transactions while serving as its representative director at Islami Bank from 2017 until becoming president in 2023. He said the petition seeks the return of S Alam-held shares to original entrepreneur shareholders or rightful owners. A hearing on the rule report is scheduled for Wednesday before a bench of Justices Mujibur Rahman Miah and Rezaul Karim.