BFIU Report Links Shahabuddin to Islami Bank Scam

The Bangladesh Financial Intelligence Unit (BFIU) has submitted a report to the High Court alleging the involvement of former President Mohammed Shahabuddin and his company, JMC Builders, in the alleged Tk 80,000 crore Islami Bank share scam.

The report was placed before the High Court following an earlier order directing the Anti-Corruption Commission (ACC) to investigate the allegations.

Lawyer Mohammad Shishir Monir, who is associated with the case, confirmed the development on Saturday. He said a High Court bench headed by Justice Md Mujibur Rahman Miah is scheduled to hear the matter on Wednesday.

According to the BFIU report, Shahabuddin became the nominated director of JMC Builders in 2017 and later served as vice-chairman of Islami Bank. He held the position until February 13, 2023, before assuming office as President.

The report alleges that during his tenure as vice-chairman, 24 companies, including JMC Builders, obtained loans totalling Tk 80,000 crore from Islami Bank, and that the loans remain unpaid.

The allegations form part of the ongoing court proceedings. The High Court has directed the ACC to investigate the matter.