Islami Bank Bangladesh on Wednesday filed a complaint with the Anti-Corruption Commission (ACC) against recently resigned president Mohammed Shahabuddin and 37 others, alleging the embezzlement of 500 crore taka through forgery.

The accused also includes controversial businessman Saiful Alam, owner of the S Alam Group, his son Ahsanul Alam, several other business owners, and a number of former Islami Bank officials.

The application marks the first-ever complaint filed against Shahabuddin since he resigned as the President of the country last Friday.

The complaint was filed by Mohammad Yasin Ali, First Assistant Vice President of the bank's Foreign Exchange Corporate Branch in the capital.

Daily Waadaa has obtained a copy of the complaint.

According to the document, Suprov Composite Neat Limited was already a failing company with an approved investment limit of 100 crore taka. After the S Alam Group took control of the bank, the accused allegedly used forged documents to increase the company's investment limit to 500 crore taka.

The complaint alleges that bank officials, alongside Shahabuddin, who served as one of the directors and vice-chairman at the time, approved the 500 crore taka loan between 2017 and 2023, shortly after the S Alam Group assumed control of the bank.

The bank said it appointed four independent audit firms to examine the matter. Their audits allegedly uncovered serious irregularities in assessing the client's creditworthiness and approving the loan facilities.

In 2017, the S Alam Group took control of the Islami Bank -- the country’s most successful and profitable bank -- after quietly acquiring large blocks of shares through newly registered shell companies.

The group's seven-year control of the bank ended after August 5, 2024, following the ouster of former Prime Minister Sheikh Hasina in a student-led mass uprising.

Soon afterward, Bangladesh Bank dissolved the S Alam-dominated board and appointed new directors in an effort to rescue the bank from widespread financial irregularities.

Meanwhile, the Criminal Investigation Department (CID) is separately investigating allegations that members of the S Alam family and their associates laundered around 1.13 lakh crore taka abroad through a network of domestic and overseas companies.

The ACC has also launched multiple investigations into Saiful Alam, his family members, and companies linked to the conglomerate over allegations of illicit wealth accumulation, abuse of the banking system, fraudulent loans, and money laundering.

Authorities have obtained court orders freezing assets in Bangladesh while pursuing mutual legal assistance from several foreign jurisdictions, according to official statements and media reports.

According to figures disclosed in Parliament, companies linked to the S Alam Group accounted for 11 of Bangladesh's 20 largest corporate loan defaulters, collectively owing hundreds of billions of taka to commercial banks.

On Saturday (25 July), the Bangladesh Financial Intelligence Unit (BFIU) in a report to the High Court said Shahabuddin and his company, JMC Builders, were involved in an alleged 80,000 crore taka loan and share fraud involving Islami Bank Bangladesh PLC.

Waadaa has obtained a copy of the BFIU report, which was submitted on October 29, 2025, in response to a writ petition filed by Islami Bank.

A day later on July 26, Bangladesh Bank's Executive Director and Spokesperson Arief Hossain Khan said it had no plans to conduct a separate or targeted investigation into former president Md Shahabuddin Chuppu.

He noted, however, that if evidence links him to any financial irregularities during ongoing or past institutional investigations, appropriate decisions will be taken in accordance with existing laws and regulations.

"Institution-specific investigations are currently underway to ensure good governance across the country's banking sector," the spokesperson said, adding that regulatory oversight focuses on institutions rather than targeting specific individuals.