ACC to prosecute six from Sikder family, S Alam over Tk 1.5bn ‘embezzlement’

The Anti-Corruption Commission is set to bring charges against six members of the influential Sikder family and businessman Mohammad Saiful Alam, better known as S Alam, for allegedly embezzling Tk 1.5 billion from First Security Islamic Bank through loan fraud. ACC’s Director General Akhtar Hossain confirmed the development on Wednesday, saying that a total of 26 individuals, including former bank directors, will be implicated in the case. According to ACC’s investigation, the Sikder family obtained the loan through a paper company, Bengal & M Services, and misappropriated the funds via money laundering. The loan of Tk 1.5 billion was approved on Dec 19, 2018, despite the absence of any valid work orders or collateral, which is considered irregular and unlawful...