The Anti-Corruption Commission (ACC) has approved the filing of a major case against Salman F Rahman, the former private industry and investment adviser to ousted Prime Minister Sheikh Hasina, and 21 others. They are accused of embezzling and laundering over 136.67 crore BDT from Janata Bank through fraudulent loan schemes.
The decision was confirmed on Thursday by ACC Director General Md. Akter Hossain. The move marks a significant step in the interim government’s ongoing crackdown on financial crimes and systemic corruption linked to the previous regime.
High-Profile Accused
The list of defendants includes prominent members of the Beximco Group leadership and former high-ranking officials of the state-owned Janata Bank. Key accused individuals are:
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Salman F Rahman (Vice Chairman, Beximco Group)
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A.S.F. Rahman (Salman’s brother)
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Ahmed Shayan Fazlur Rahman (Salman’s son)
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Ahmed Shahriar Rahman (A.S.F. Rahman’s son)
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Top Beximco Directors: Iqbal Ahmed, AB Siddiqur Rahman, Masud Ikramullah Khan, Shah Manjurul Haque, Reem H. Shamsuddoha, and MD Osman Kaiser Chowdhury.
Bank Officials and Associates:
The case also implicates former Janata Bank CEOs and Managing Directors, including Abdus Salam and Abdul Jabbar, alongside several former General Managers and Assistant General Managers. Additionally, directors of Cozy Apparels Ltd. and Crescent Accessories Ltd. have been named as defendants.
Modus Operandi: Fraudulent LCs and “Accommodation Bills”
According to the ACC investigation, the accused abused their power and conspired to defraud Janata Bank. The primary vehicle for the scam was Cozy Apparels Ltd., which the ACC describes as a “newly created entity” with directors who had no prior experience in the garment industry.
The accused allegedly used the following methods to siphon off funds:
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EDF Facilities: Securing Export Development Fund (EDF) loans under false pretenses.
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Fictitious Trade: Creating “Accommodation Bills” by showing fake import-export transactions between their own companies.
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Letter of Credit (LC) Fraud: Utilizing fraudulent LCs to move money out of the banking system.
“The total amount embezzled and subsequently laundered stands at 136,67,58,931 BDT,” the ACC report stated.
Legal Charges
The case has been approved under multiple sections of the Penal Code (including 409, 420, 467, 468, 471, and 477A) for breach of trust, forgery, and fraud. Furthermore, charges have been brought under the Prevention of Corruption Act, 1947, and the Money Laundering Prevention Act, 2012 (Amended 2015).
| Act | Primary Violation |
| Penal Code | Criminal breach of trust by public servant, cheating, and forgery of valuable security. |
| Prevention of Corruption Act | Misuse of official position for personal gain. |
| Money Laundering Prevention Act | Illegal transfer and concealment of proceeds of crime. |
This case is expected to be filed shortly at the relevant police station, signaling a deepening legal challenge for the Beximco leadership, which has faced multiple investigations since the fall of the Awami League government in August 2024.
