DHAKA, Nov 12, 2025 (BSS) - The ACC has launched a probe against dismissed administrative officer of the BCS (Admin) Welfare Multipurpose Cooperative Society Ltd. S.M. Zahidul Islam and his associates for embezzling government grants and laundering money abroad, and amassing illegal assets under different names.

Director General of the Anti Corruption Commission Md Akhter Hossain disclosed the information to the journalists at its regular media briefing held here today.

According to the ACC, S.M. Zahidul Islam, who was responsible for managing the society’s financial records and accounts since 2013, secretly opened a bank account titled “Project Director” and misappropriated crores of taka.

Preliminary investigations revealed that instead of depositing members’ payments through pay orders into the authorized account, he deposited it to the secret account and embezzled over Taka 20 million. 

Moreover, between April and July 2025, out of Tk 95.6 million allocated for VAT, tax and registration fees, he embezzled Tk 39.6 million without proper accounting.

Formed in 2007, the BCS (Administration) Welfare Multipurpose Cooperative Society invested government money worth about Tk 1.5 billion to the Green Valley (Khilkhet) Housing Project. The project includes schools, mosques, roads, electricity and other infrastructures.

The ACC said that although Zahidul Islam originally joined the office as a support staff but later promoted to the rank of administrative officer. He was the custodian of financial documents, checkbooks and pay orders. Using this position, he opened another bank account on May 9, 2013 without the permission of the management committee. 

Although his monthly salary was Tk 40,000 only, the investigators found a vast amount of immovable and movable assets in his and his family members’ names. The illegal assets and properties were including one acre land in Kurigram, Tk 20 million worth of land in Baro Kathaldia in Dhaka, a flat worth about Tk 12.5 million in Bashundhara area, private vehicles and investments in restaurant business in Singapore.

Meanwhile, on February 28, 2025, an explosion and fire at the cooperative’s office killed two employees. Zahidul Islam is currently in jail in connection with that murder case and many other cases against him are pending at Hatirjheel Police Station on charges of embezzlement, fraud and forgery.

The ACC has initiated the investigation under the Money Laundering Prevention Act and illegal wealth acquisition act. Assistant Director Abu Bakr Siddiq has been assigned to conduct the inquiry, under the supervision of Director (Investigation and Inquiry-1).