The Chattogram Artha Rin Adalat has ordered the seizure of shares held by S Alam Group chairman Saiful Alam and his brother Abdus Samad with two banks, in connection with a Tk聽2,000 crore loan default at Janata Bank.
The court also directed the Anti-Corruption Commission to investigate the circumstances surrounding the massive loan irregularities.
Judge Mujahidur Rahman of the Chattogram Money Loan Court issued the order on Sunday, said plaintiff鈥檚 lawyer Md Shafiqul Islam Chowdhury.
The shares in question are held at Al-Arafah Islami Bank and First Security Islami Bank, Shafiqul Islam said.
Shafiqul Islam said, 鈥楽 Alam has shares of First Security Islami Bank, while his brother Abdus Samad Lavu owns shares of Al Arafah Islami Bank. The court has instructed the seizure of these shares based on our application. Additionally, the ACC has been tasked with probing how such a significant irregularity in the Tk 2,000 crore loan occurred.鈥�
The case was filed earlier in the day by Satyajit Ghosh, an officer at Janata Bank鈥檚 head office and its Sadharan Bima Bhaban Corporate Branch.
According to a 2021 audit report by the Comptroller and Auditor General (CAG) of Bangladesh, Global Trading Corporation, a subsidiary of S Alam Group, has secured loans exceeding the approved limit in violation of Bangladesh Bank regulations.
Initially, in 2012, the company obtained a loan of Tk聽650 crore from Janata Bank鈥檚 Chattogram Corporate Branch at Sadharan Bima Bhaban.
By 2021, the loan had reached Tk聽1,070.65 crore, including interest and principal. This amount comprised Tk聽61.47 crore as Payment Against Document, Tk聽223.18 crore as Loan Trust Receipt, and Tk聽229.99 crore as Cash Credit (Hypothecation) loan.
By September 2024, the total outstanding, including accrued interest, had surged to Tk聽1,850 crore.
According to S Alam Group鈥檚 website, Global Trading Corporation, established in 2012, specializes in industrial raw materials, commercial products, and construction materials.
