Islami Bank Bangladesh PLC has filed a formal complaint with the Anti-Corruption Commission against 38 people, including former president Md Shahabuddin Chuppu and businessman S Alam, over allegations of embezzling Tk500 crore through loans. The complaint was submitted at the ACC office on Monday afternoon.

According to the complaint, after S Alam Group took control of the bank in 2017, the loan limit of Suprov Composite Knit Limited, described as a weak company, was fraudulently raised from Tk100 crore to Tk500 crore. The money was subsequently withdrawn and allegedly embezzled.

The complaint said S Alam played a role in securing the allegedly illegal loan allocation for Suprov Composite Knit Limited, an associate company of Anontex Group’s Yunus Badal. It also alleged that Md Shahabuddin, as a then board member, and former managing directors Monirul Moula, Abdul Hamid Miah and Mahbub Ul Alam approved the arrangement and benefited financially. Bank authorities said irregularities were identified through investigations by four audit firms.