Former chairman of Islami Bank Bangladesh, Obaid Ullah Al Masud, has been arrested by a joint team of the Detective Branch (DB) of police and the Anti-Corruption Commission (ACC) in connection with a Tk 189 crore loan scandal.
He was detained from his residence on Wednesday (19 November), according to sources. The investigation officer, ACC Deputy Assistant Director Md Shahjalal, is expected to produce him before the court later today. The information was confirmed by a senior official of the ACC.
Masud resigned from his position as chairman of Islami Bank on 16 July 2025. Prior to this, he had served as the Managing Director of Rupali Bank and held senior positions at Agrani Bank and several other financial institutions.
On 28 September, the ACC filed a case against 11 individuals—including former Agrani Bank MD Syed Abdul Hamid, officials of the bank’s Asadganj branch, Nurjahan Group director, and Obaid Ullah Masud—over the alleged misappropriation of Tk 189.80 crore. The scam involved approving and withdrawing loans in violation of banking rules at the Asadganj branch in Chattogram.
List of Accused in the Case
- Syed Abdul Hamid, former Managing Director & CEO, Agrani Bank
- Mostak Ahmed, former Principal Officer & General Manager, Asadganj branch
- Md Abul Hossain Talukdar, former Deputy General Manager
- Md Obaid Ullah Al Masud, former General Manager (Dhaka Circle-2)
- Mohammad Shamsul Islam, former General Manager
- Tajrina Ferdousi, former Deputy General Manager
- Md Mofazzal Hossain, former General Manager
- Md Mizanur Rahman, proprietor of M/s Mizan Traders
- Zahid Ahmed, Managing Director, Jasmir Vegetable Oil Ltd
- Tipu Sultan, director of the same company
- Farhad Monowar
How the Loan Scam Was Carried Out
According to ACC findings, a loan was approved under the name of M/s Mizan Traders for importing chickpeas and wheat. However, Nurjahan Group and its sister concern Jasmir Vegetable Oil Ltd were the real beneficiaries. Using salaried employee Mizanur Rahman as a proxy, they allegedly opened accounts, obtained large loans, and withdrew the funds through fraud.
ACC officials said the accused approved a significant loan to a newly opened account and later failed to ensure compliance with loan conditions. As a result, Tk 51 crore originally disbursed has accumulated interest over time, reaching Tk 189.80 crore, which the accused are alleged to have embezzled through a planned scheme.
 of police and the Anti-Corruption Commission (ACC) in connection with a Tk 189 crore loan scandal.){kind=link}