The Anti-Corruption Commission yesterday decided to file a case against 67 individuals, including the former chairman of S Alam Group, over allegations of loan fraud and embezzlement of about Tk 10,500 crore from Islami Bank through abuse of power and influence.

The case would be the largest financial embezzlement case in the history of the ACC, said Tanvir Ahmed, the commission's assistant director (public relations).

The accused embezzled Tk 9,283.93 crore from Islami Bank by taking out unauthorised loans in the names of S Alam Refined Sugar Industries, S Alam Steels and S Alam Trading Company, ignoring official circulars and through forgery and deception. With interest, the total amount stands at Tk 10,479.62 crore, he said.

According to the case documents, Tk 9,283.93 crore was transferred through 134 transactions to shell companies such as Ahsan Enterprise, Impress Corporation, Unique Traders, AgroCorn International and Dulali Enterprise.

The entities were connected to S Alam Group's Chairman Mohammad Saiful Alam's business interests.

Among them are his brothers' companies Sonali Traders and Global Trading Corporation, S Alam Refined Sugar Industries, SS Power, S Alam Steels, S Alam Cement, S Alam Vegetable Oil and Sonali Cargo Logistics.

The accused include S Alam and his brother Abdus Samad, Osman Gani, Rashedul Alam and Shahidul Alam, former Islami Bank chairman Nazmul Hasan, former managing director Mahbub ul Alam and some current and former officials of Islami Bank.