The Anti-Corruption Commission (ACC) has initiated legal action against former land minister Saifuzzaman Chowdhury, his wife Rukmila Zaman, and 13 others for their alleged involvement in a financial fraud case involving approximately Tk63.77 crore. The case revolves around the misuse of funds through 27 Bai-Murabaha investment deals connected to Aramit Cement and Islami Bank Bangladesh’s Jubilee Road branch in Chattogram.
The ACC filed the case on October 27, 2026, at the Chattogram-1 integrated district office, following an investigation into transactions conducted between October 2018 and November 2020. According to ACC officials, the accused allegedly secured the funds by presenting forged invoices and fictitious supply documents under the pretense of genuine business activities involving Aramit Cement. The deals, structured as Bai-Murabaha—a financing arrangement where the seller discloses the cost and sells goods at an agreed-upon profit—were purportedly fabricated to facilitate the embezzlement.
Key individuals named in the case include Saifuzzaman Chowdhury, his wife Rukmila Zaman, Aramit Cement’s managing director, a company official, and several employees of Islami Bank at various levels. The ACC’s investigation revealed that the suspects used an individual named Jahangir Alam, Aramit Cement’s Assistant General Manager, as a front to portray him as a supplier and businessman involved in the transactions.
The total amount involved in the alleged fraud is reported as Tk63.77 crore (or Tk637.75 million), reflecting discrepancies in various reports but consistently representing a significant sum. The ACC has cited this case as an example of severe financial malpractice harming banking operations and corporate governance.
The Anti-Corruption Commission’s Deputy Director Moshiur Rahman and Deputy Assistant Director Md Rubel Hossain have been actively involved in the investigation and filing of the case. The legal proceedings are expected to scrutinize the roles of all named individuals, including those linked to Aramit Cement and Islami Bank, to establish the extent of their involvement in the alleged embezzlement.
This development highlights ongoing concerns over corporate and banking sector vulnerabilities in Bangladesh and the efforts by anti-corruption authorities to address financial irregularities linked to high-profile figures. The case remains under judicial consideration as authorities continue their inquiry.