Court defers probe report deadline in 2.51 billion taka Islami Bank share scam case involving former president Mohammed Shahabuddin
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A Dhaka court has extended the deadline for the Anti-Corruption Commission (ACC) to submit an investigation report in a 2.51 billion taka share scandal case involving former President Mohammad Sahabuddin and 19 others. Metropolitan Senior Special Judge Shahjahan Kabir set the new date for October 27 after the ACC failed to file the report on the scheduled Tuesday hearing.
The case stems from allegations of irregularities, fraud, and the misuse of power to siphon funds through the acquisition of Islami Bank shares. According to court documents, the complaint was filed on September 4, 2025, by Md. Abdus Samad, a senior officer at Islami Bank, who accused the defendants of orchestrating a collusive scheme to acquire shares under the name of Brilliant Business Company Limited.
The charges allege that Brilliant Business Company Limited, which had a paid-up capital of only 800,000 taka, acquired shares worth 2.51 billion taka. The prosecution contends that this acquisition was financially inconsistent and part of a broader, pre-planned strategy by S. Alam Group and its associates to seize control of Islami Bank. The complaint notes that 24 shareholder companies, many linked to S. Alam Group, acquired 81.92 percent of the bank’s shares through coordinated transactions to circumvent regulatory oversight.
Former President Mohammad Sahabuddin is named as the 12th defendant in the case. The complaint identifies him as a former director of Islami Bank, representing JMC Builders Limited. Complainant Md. Abdus Samad confirmed that the defendant is indeed the former head of state, noting that the alleged offenses occurred prior to his presidency. Records indicate that Sahabuddin served as a director and subsequently vice-chairman of the bank between June 2017 and February 2023.
The legal proceedings have raised questions regarding constitutional immunity. Article 51 of the Bangladesh Constitution stipulates that no criminal proceedings can be instituted or continued against a person serving as president. However, the ACC’s public prosecutor, Mir Ahmed Ali Salam, argued that the legal barrier does not apply to this case because the alleged crimes predated Sahabuddin’s presidency. He noted that the investigation remains ongoing, and the court will determine the validity of the charges once the ACC submits its findings.
In addition to Sahabuddin, the other defendants include S. Alam Group Chairman Mohammad Saiful Alam, Managing Director of Brilliant Business Company Limited Abdul Wahed, Chairperson Mirfat Ara Begum, and various former directors of Islami Bank, including Md. Joynal Abedin, Arastu Khan, Professor Md. Nazmul Hassan, Abu Sayed Mohammad Kashem, Saiful Islam, Mohammad Nasir Uddin, Syed Abu Asad, Md. Kamrul Hossain, Ahsan Alam, Dr. Md. Selim Uddin, Shawkat Hossain, Khurshid-Ul-Alam, Dr. Kazi Shahidul Alam, retired Major General Abdul Matin, Jamal Mostafa Chowdhury, and Dr. Md. Sirajul Karim.
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