First Security Islami Bank to take action against 194 officials with ties to S Alam scams

First Security Islami Bank has withdrawn 194 officials, including managers of 24 branches in Chattogram, due to their alleged involvement in money laundering and illegally providing investment facilities to S Alam. 

Mohammad Abdul Mannan, chairman of the First Security Islami Bank, confirmed the development to The Daily Star. However, he did not give any further details.

A top official of the Shariah-based bank also confirmed this to The Daily Star today.

The official, requesting anonymity, said that the new board of the bank uncovered irregularities in loan disbursement at 24 branches and found evidence linking the 194 officials to these loan scams.

The official of the Shariah-based bank said the decision to withdraw the officials is the initial step in the process of termination.

The official added that the current management uncovered irregularities in the disbursement of significant loans from these branches to Mohammad Saiful Alam, owner of the S Alam Group. These loans were issued by creating entities under his name and false identities.

A section of the officials involved in these irregularities has been identified, and the bank's management have taken action against them, the official said.

The bank's management has taken these steps under the directive of its board, the official added.