Bangladesh’s High Court has directed the Anti-Corruption Commission to investigate alleged share fraud involving former president Md Shahabuddin Chuppu and JMC Builders in relation to Islami Bank, according to Amar Desh. The report said Chuppu was allegedly involved in purchasing the bank’s shares through fraud as an owner and representative of JMC Builders.

Amar Desh reported that JMC Builders was owned by S Alam, while Shahabuddin Chuppu held rights to the shares. It also alleged that money used to buy the shares was looted from First Security Islami Bank, another Islamic bank described in the report as having been taken over by S Alam.

The report said Chuppu served as an Islami Bank director and later as vice chairman and held other important responsibilities as JMC Builders’ representative. It said Bangladesh Financial Intelligence Unit findings named Chuppu and other company members as accused. Based on that report, the High Court instructed the ACC to investigate the matter and take legal action against those responsible.