ACC to investigate Salman, ex-IFIC Bank MD over alleged embezzlement of Tk1,907cr

The Anti-Corruption Commission (ACC) has decided to investigate allegations of Tk1,907 crore embezzlement against former IFIC Bank chairman Salman F Rahman and its former managing director Shah Alam Sarwar.

ACC Director General Akhtar Hossain confirmed the decision to reporters today (19 December).

He said the allegations involve misuse of power, corruption, and irregularities in fraudulent loan disbursements, bypassing proper procedures, to entities including Blue Moon Trading Ltd, Axis Business Ltd, Everest Enterprise Ltd, Glowing Construction and Engineering Ltd, Vista International Ltd, and Skymark International Ltd through IFIC Bank's Gulshan and Principal branches.

Akhtar said, "The ACC has initiated this investigation based on findings from a Bangladesh Bank report by the Department of Offsite Supervision. The report detailed the irregularities involving both Salman F Rahman and Shah Alam Sarwar.

"The commission has decided to send the allegations to the ACC's director (money laundering) for further inquiry, as per instructions from its banking division," he added.

Earlier on 22 August, ACC decided to launch an investigation into Salman F Rahman, also former Beximco Group vice chairman, over various allegations, including smuggling Tk36,000cr abroad by taking loans from banks, embezzlement, illegally amassing wealth, share market fraud, and others.

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The anti-graft body took the initiatives following media reports published by the Daily Kaler Kantho and Daily Ittefaq on 16 August, according to a press statement.