The Anti-Corruption Commission (ACC) of Bangladesh has filed three separate cases against three subsidiaries of S. Alam Group, accusing them of embezzling Tk 6,243 crore from state-owned Janata Bank under the guise of business loans. The cases were lodged at the ACC Chattogram-1 office, naming S. Alam Group chairman Saiful Alam Masud, his wife Farzana Parveen, and several Janata Bank officials as defendants.

According to the ACC, the alleged embezzlement occurred between 2005 and 2024 through S. Alam Vegetable Oil Ltd, S. Alam Cold Rolled Steel Mills Ltd, and S. Alam Trading Company Ltd. Each entity is accused of obtaining loans and misappropriating funds with accrued interest. The cases follow two earlier lawsuits filed on December 17 involving another Tk 3,085 crore linked to the group’s sugar and edible oil mills.

Investigators said the probe is ongoing and may expand to include additional individuals and institutions. The cases highlight growing scrutiny of corporate loan practices and potential collusion between private conglomerates and state-owned banks.