A Dhaka court has ordered former Islami Bank chairman Obayed Ullah Al Masud to be sent to jail in a case involving Tk189 crore loan embezzlement case.
Dhaka Metropolitan Senior Special Judge Sabbir Faiz issued the order on Wednesday after granting a petition from the Anti-Corruption Commission.
ACC officials arrested Obayed Ullah from his Dhanmondi residence on Wednesday morning. Later in the afternoon, ACC Deputy Assistant Director Mohammad Shah Jalal, the investigation officer of the case, produced him before the court and sought his detention.
No bail petition was submitted on behalf of the accused.
ACC prosecutor Khandaker Mashiur Rahman confirmed that the court ordered him to be sent to jail.
The Anti-Corruption Commission filed the case on 28 September against 11 individuals, including former Islami Bank managing director and Nurjahan Group director Syed Abdul Hamid, and former Islami Bank chairman Obayed Ullah Al Masud. They stand accused of embezzling Tk189 crore by securing a loan from Agrani Bank’s Asadganj branch in Chattogram in violation of banking regulations.
According to the case statement, the loan was officially sanctioned in the name of Messrs Mizan Traders for the import of chickpeas and wheat, but the actual beneficiaries were Nurjahan Group and its subsidiary, Jasmir Vegetable Oil Limited.
Investigators said the loan was approved and withdrawn fraudulently using company employee Mizanur Rahman. The account at the branch was opened under a fictitious entity linked to Nurjahan Group and was later operated by Jasmir Vegetable Oil managing director Zahir Ahmed.
The accused allegedly misappropriated Tk51 crore—an amount that has now risen to Tk189 crore with interest—by arranging a large loan for the newly created entity and then failing to comply with the loan’s terms and conditions.
Obayed Ullah Al Masud resigned as chairman of Islami Bank on 16 July 2025.
He previously served as managing director of Rupali Bank and held senior roles at several banks, including Agrani Bank.
