ACC sues ex-land minister Saifuzzaman Javed, 14 others over loan fraud
Published: 27 October 2026, 9:53:06
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The Anti-Corruption Commission (ACC) has filed a case against 15 individuals, including former Land Minister Saifuzzaman Chowdhury Javed and his wife Rukmila Zaman, for allegedly embezzling Tk 63.77 crore from the Jubilee Road branch of Islami Bank through forged documents.
ACC Head Office Assistant Director Md Rubel Hossain filed the case at the commission’s Chittagong Integrated District Office-1 on Tuesday (October 27). The matter was confirmed by ACC Public Prosecutor Mokarram Hossain.
The other accused in the case include Rukmila Zaman, Managing Director of Aramit Cement PLC; Mohammad Shah Alam, Chief Financial Officer of the company; AKM Maruf, AGM; Mohammad Jahangir Alam, AGM and proprietor of Classic Trading; and Islami Bank Jubilee Road branch officials Md Mohiuddin, Mohammad Aktar Hossain, Mohammad Abdul Haque, Md Abdul Kader, Muhammad Abdul Karim, Md Shahidullah, Muhammad Nizam Uddin, Abul Kalam Azad, Mohammad Mohsin Ali, and Ridwanul Haque.
According to the case statement, a current account was opened in the name of Aramit Cement Limited at the Bahaddarhat branch of Islami Bank on January 24, 2016, which was later transferred to the Jubilee Road branch on May 15, 2017. On October 15 of the same year, the company’s MD Rukmila Zaman applied for a working capital loan of Tk 500 crore, of which Tk 350 crore was subsequently approved upon the recommendation of the bank’s credit committee.
The charges state that to disburse the loan funds, Mohammad Jahangir Alam, an AGM in the accounts department of Aramit Group, was presented as the owner of a supplying firm. A trade license was collected and a bank account was opened under the name of “Classic Trading.” However, ACC investigations revealed no trace of any office, godown, or warehouse at the registered address of the firm.
According to the allegations, fake invoices and documents regarding the supply of raw materials—such as clinker, gypsum, limestone, and slag—were submitted to the bank. Pay-orders were issued against 27 Bai-Murabaha deals based on these documents without any actual delivery of goods.
The case statement further reveals that funds from the pay-orders issued in the name of Classic Trading were first deposited into the firm’s account at the Station Road branch of United Commercial Bank (UCB). A portion of the money was subsequently transferred to Aramit Cement’s account through various personal and corporate bank accounts.
ACC’s investigation found that Tk 63,77,50,000 was misappropriated through transfer, conversion, and layering against 27 fake Bai-Murabaha deals between October 24, 2018, and November 9, 2020. Charges of cheating, forgery, criminal breach of trust, and money laundering have been brought against the accused.
