First Security Islami Bank (FSIB) has taken decisive action against officials implicated in money laundering and issuing fraudulent loans to S Alam Group. The bank has withdrawn 194 officials, including 24 branch managers from its Chattogram region, in a sweeping move to address the irregularities.

FSIB Chairman Mohammad Abdul Mannan confirmed the action, saying that the new board of directors decided to withdraw the officials after uncovering irregularities in the bank.

An FSIB official, requesting anonymity, said that the current management uncovered irregularities in the disbursement of significant loans from the branches in Chattogram to Mohammad Saiful Alam, owner of the S Alam Group.

A large number of loans were issued by creating entities under his name and false identities. The new board has started action against the guilty officials and employees to prevent the bank from collapsing.