Female entrepreneur sues S Alam, former Islami Bank DMD over Tk29cr fraud

A case has been filed against S Alam Group Chairman Saiful Alam and former Islami Bank deputy managing director (DMD) Akiz Uddin on the charge of swindling a woman entrepreneur out of Tk29 crore.

Nazme Nowroz, owner of La Aristocracy restaurant in Chattogram, filed the complaint at the court of Chattogram Metropolitan Magistrate Abu Bakar Siddique today (12 December).

The plaintiff's lawyer Subhankar Ghosh said the court has accepted the complaint and ordered an investigation by the Criminal Investigation Department (CID).

In her complaint, Nazme stated that she is a businesswoman who initially met Saiful, former chairman of First Security Islami Bank, to secure financial assistance for her business.

Saiful provided her with a Tk2 crore loan through the Kazir Dewri Mohila Branch of First Security Islami Bank. Over time, between 2016 and 2021, additional loans totalling Tk30 crore were approved.

However, Saiful, along with his personal assistant at the time Akiz, allegedly misappropriated Tk29 crore by exploiting blank cheques that Nazme had signed as loan security. When she wanted her money back, Nazme alleged that she was threatened with being abducted.

"Whenever I requested the return of my money, Akiz Uddin issued threats of abduction or murder," she alleged.

The S Alam Group chairman reportedly left the country after Sheikh Hasina's ouster on 5 August. Recently, he declared himself a Singaporean citizen in a letter to the Bangladesh Bank. Meanwhile, Akiz remains absconding, and their comments regarding the allegation could not be obtained.

First Security Islami Bank has an outstanding debt of Tk234 crore to La Aristocracy, Nowroz Enterprise, and Neelima Nile Agro Limited.

Saiful, Akiz, and Nazme allegedly embezzled funds by disbursing loans to these entities, leaving the bank with unresolved financial liabilities.