The High Court yesterday scrapped its suomoto (voluntary) rule that directed the authorities concerned to probe the alleged loan scams in Islami Bank, Social Islami Bank and First Security Islami Bank.

However, if the Anti-Corruption Commission, Bangladesh Bank, Bangladesh Financial Intelligence Unit and Criminal Investigation Department feel that it is necessary to take legal steps, they can, said the court.

The bench of Justice Md Nazrul Islam Talukder and Justice Kazi Ebadoth Hossain delivered the verdict in light of a Supreme Court's Appellate Division judgement that on February 5 discharged the HC's suomoto rule asking for an enquiry into S Alam Group's alleged wealth abroad.

S Alam Group's lawyer Ahsanul Karim told The Daily Star that there is no directive for enquiring into the allegations of loan scams in Islami Bank, Social Islami Bank and First Security Islami Bank following the latest HC verdict.

S Alam Group is the principal shareholders of the three banks, he added.

Meanwhile, ACC's lawyer Khurshid Alam Khan told this correspondent that ACC must conduct a probe into the allegations of loan scams in the three banks.

On December 4, 2022, the bench led by Justice Md Nazrul Islam Talukder issued the suomoto rule asking the secretaries at the ministries of finance, law and home affairs, the BB governor, the ACC chairman and heads of BFIU and the CID to explain why their inaction towards the persons involved in the loan scams should not be declared illegal and why they should not be directed to take action against them.

It also ordered the ACC, BB, BFIU and CID to investigate the allegations of loan scams in the three banks.

The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat Lizu gave the orders following news reports in November 2022 about the alleged loan scams in the three banks.

The bench also asked S Alam Group to come up with explanations on the reports that it took Tk 30,000 crore from Islami Bank and to place relevant documents in this regard before the court.

On November 24, 2022, Prothom Alo published a report stating that an 'unscrupulous group' had withdrawn Tk 2,460 crore from Islami Bank. Islami Bank had sanctioned about Tk 7,000 crore for the eight companies that year.

On November 29, 2022, New Age published another report saying that S Alam Group and its associate companies have taken loans amounting to Tk 30,000 crore from Islami Bank, well above their limit.