Published: 12:29 AM, 28 September 2026
ACC will sue Salman F. Rahman, son over BDT 538 crore racket
The Anti-Corruption Commission (ACC) will file a case against Beximco Group Vice Chairman Salman F Rahman, his son Ahmed Shayan Fazlur Rahman and 23 others over allegations of embezzling and laundering more than Tk 538 crore borrowed from IFIC Bank.
ACC Secretary Sayedur Rahman Khan disclosed the information to journalists at a commission briefing on Sunday.
According to the ACC, three overdraft (OD) loans totaling Tk 545 crore were approved in favor of Skymark International, a nominal company, by IFIC Bank without properly assessing its borrowing capacity.
Of the amount, Tk 538 crore and Tk 16 lakh, 24 thousand and 482 was allegedly withdrawn in cash and through transfers and misappropriated, according to the ACC's investigation. The commission also alleged that the money was laundered through cash withdrawals, transfers, handovers and conversions to conceal its source and destination.
Salman F Rahman is a former chairman of IFIC Bank and a former private-sector industry and investment adviser to the former prime minister. His son, Shayan Fazlur Rahman, is a former vice chairman of the bank.
Among the other accused are Skymark International Managing Director Abdullah Al-Manzur and director Ishrat Jahan, along with several former and current directors and officials of IFIC Bank.
According to ACC information, an OD loan of Tk 90 crore was initially approved in favor of Skymark on August 23, 2022. On January 10, 2023, the limit was increased to Tk 145 crore. Later, on June 25, 2024, the limit was raised further to Tk 545 crore.
The ACC alleged that when the loan limit was increased for the final time, the proposed mortgage of 650 acres of land was kept pending. The mortgage was never completed afterward.
According to findings from the investigation, the customer's business premises and warehouses were not inspected when the loans were approved. The identities of the entrepreneurs, or KYC information, their business experience, financial capacity, assets and liabilities, audited financial statements and income-tax payment records were also not properly verified.
The bank also allegedly failed to adequately verify the actual purpose of the loan, how previously borrowed funds had been used, or the justification for increasing the loan limit.
According to the ACC, as of July 23, 2026, interest and other charges on the loan amounted to Tk 66 crore, 53 lakh, 40 thousand, 994 and 3 poisha. On the same date, however, the outstanding balance of the loan stood at Tk 604 crore, 69 lakh, 65 thousand, 476 and 3 poisha. The ACC has identified this amount as a financial loss to the bank.
The ACC is also investigating allegations against Salman F Rahman and Shayan Rahman concerning the approval, disbursement and embezzlement of Tk 7,129 crore in loans from IFIC Bank in the names of 14 "fake and paper" companies.
The Tk 538 crore loans involving Skymark International is part of that broader investigation.
