ACC Files Case Against Saiful Alam and Sikder Family for Tk 150 Crore Loan Embezzlement

The Anti-Corruption Commission (ACC) has filed a case against Mohammad Saiful Alam, the head of the prominent S Alam Group, and 26 individuals associated with the Sikder Group for allegedly embezzling Tk 150 crore through a loan obtained using a shell company.

On Wednesday, September 10, 2025, ACC Deputy Director Md. Aktarul Islam confirmed the filing of the case. The accused include Sikder Group’s Managing Director Ron Haque Sikder, his brother and group director Rick Haque Sikder, their three sisters Momtazul Haque Sikder, Lisa Fatema Haque Sikder, and Parveen Haque Sikder, as well as Rick Haque Sikder’s son, John Haque Sikder.

Additionally, the case names Mohammad Salauddin, owner of MS Construction and Developers and Mam Impex, Syed Mahbub-e-Karim, owner of Mahbub Enterprise, Mohammad Sheikh Alam, and Monishankar Biswas. Apart from Saiful Alam, former chairman of First Security Islami Bank, the accused include former Senior Assistant Vice President and Manager M.M. Mostafizur Rahman, former Deputy Managing Director Mohammad Zahurul Haque, former Additional Managing Director Abdul Aziz, Managing Director Syed Wasek Md. Ali, former Vice Chairman Mohammad Abdul Malek, former directors Farzana Parveen, Atikun Nesa, Mohammad Ishaq, Ahmad Muktadir Arif, Dr. Momtaz Uddin Ahmed, former nominated director Khandakar Iftekhar Ahmad, Badrun Nessa, Jamal Mustafa Chowdhury, Lieutenant General (Retd.) Molla Fazle Akbar, and former director Mohammad Wahidul Alam Seth. According to the case allegations, on December 19, 2018, Ron Haque Sikder opened an account at the bank’s Karwan Bazar branch in the name of Bengal & M Services and applied for a Tk 150 crore Bai-Murabaha loan, claiming it was for implementing two power plant work orders. However, the ACC investigation found no evidence of work orders or collateral. The allegations further state that the bank’s board approved the loan in January 2019, and on February 5, 2019, the entire Tk 150 crore was disbursed in 12 transactions. On the same day, Tk 47 crore, Tk 48 crore, and Tk 60 crore were transferred to MS Construction and Developers, Mahbub Enterprise, and Mam Impex, respectively—entities linked to the Sikder Group. The ACC claims that the entire loan amount was siphoned off through various accounts on the same day without any collateral, work orders, or necessary verification. As of August 24, 2025, the outstanding amount, including interest, exceeds Tk 206.95 crore.

Following the change in political power, the ACC has filed more than half a dozen cases against the Sikder family and prominent businessman Saiful Alam.