Former Bangladesh President Chuppu Among 38 Accused in Alleged Tk 500 Crore Islami Bank Loan Fraud

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DHAKA, Aug. 10, 2026

Islami Bank Bangladesh PLC has filed a formal complaint with the Anti-Corruption Commission (ACC) against former President Mohammed Shahabuddin, widely known as Chuppu, businessman S Alam and 36 others over alleged embezzlement of 5 billion taka ($500 crore) through a loan scheme, according to the complaint submitted to the anti-graft agency.

The complaint was filed at the ACC headquarters in Dhaka on Monday afternoon.

According to the complaint, irregularities occurred after the S Alam Group took control of the bank in 2017. A company described in the complaint as financially weak, Suprabh Composite Knit Ltd, allegedly had its credit limit increased fivefold—from 1 billion taka to 5 billion taka—through fraudulent means.

The complaint alleges that the funds were subsequently withdrawn and misappropriated.

Alleged irregularities in loan approval

The bank alleged that businessman S Alam played a role in securing the loan facility for Suprabh Composite Knit Ltd, described in the complaint as an associate company of Yunus Badal of the AnonTex Group.

The complaint further names Shahabuddin, who was then a member of the bank's board of directors, along with three former managing directors—Monirul Mawla, Abdul Hamid Mia and Mahbub Ul Alam—and other individuals allegedly involved in approving the loan arrangements.

The bank alleges that the individuals concerned authorised the transactions despite irregularities and subsequently benefited financially.

The allegations have not been proven in court, and the complaint itself does not establish criminal liability.

Bank cites findings from four audit firms

Islami Bank said it had investigated the alleged transactions through four audit firms and identified what it described as significant irregularities.

The findings were included in the complaint submitted to the ACC, according to the bank.

The case is now before the country's anti-corruption authorities, which may determine whether the allegations warrant further investigation or legal action.

The complaint comes amid wider scrutiny of lending practices and corporate governance at Bangladeshi banks, particularly transactions involving politically connected businesses and influential financial groups.

No independent findings establishing the alleged embezzlement or the personal involvement of each of the 38 named individuals were provided in the information available for this report.

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