Bangladesh's Anti-Corruption Commission (ACC) could take action over corruption allegations involving former President Mohammed Shahabuddin once a new commission is appointed, the agency's secretary said on Wednesday.

Responding to questions from reporters, ACC Secretary Saidur Rahman Khan said the commission is currently without appointed commissioners and that major complaints require approval and action through the commission's formal processes.

The comments came after allegations surfaced accusing Shahabuddin of involvement in the alleged misappropriation of 500 crore taka (approximately $41 million) from Islami Bank Bangladesh through disputed loan approvals.

According to a complaint submitted to the ACC on July 29 by an authorized official of the bank, the alleged scheme involved a number of former bank officials and business figures, including fugitive businessman Mohammad Saiful Alam, widely known as S. Alam.

The complaint alleges that after gaining influence over the bank, individuals linked to the case facilitated the approval of large loans to a financially weak company, resulting in significant losses.

Bank officials claim internal investigations conducted by several audit firms identified irregularities related to the loan approvals. The complaint further alleges that former board members and senior executives approved transactions that were inconsistent with banking regulations and governance standards.

Shahabuddin previously served as a vice chairman of the bank before becoming president.

The ACC has not announced any formal investigation, charges or findings regarding the allegations. Officials indicated that any decision on whether to proceed with an inquiry will depend on the actions of the commission once new leadership is in place.

The allegations have attracted significant public attention amid broader scrutiny of Bangladesh's banking sector and concerns over large-scale loan irregularities involving major financial institutions.