Dhaka, Oct. 9 -- The Anti-Corruption Commission has opened an investigation into former Islami Bank Bangladesh chairman Obayed Ullah Al Masud over allegations of loan fraud, conflict of interest, unethical investment, and embezzlement.

The inquiry is being led by Assistant Director Md Nazmul Islam, ACC spokesperson and Deputy Director Akhtarul Islam confirmed.

Before joining Islami Bank, Obayed served as managing director of two state-owned banks -- Sonali Bank and Rupali Bank.

The Bangladesh Financial Intelligence Unit (BFIU) recently sent a detailed report to the ACC highlighting a series of irregularities and financial discrepancies during Obayed's tenure, recommending "necessary" action.

Speaking on condition of anonymity, a senio...