The Islami Bank Bangladesh PLC has announced the auction of about 11 acres of land, factories and warehouses owned by the controversial Chattogram-based conglomerate S Alam Group, in a bid to recover nearly Tk聽10,000 crore in defaulted loans.
The bank鈥檚 Khatunganj Corporate Branch issued a public notice published in a Chattogram daily on Sunday, inviting interested parties to bid for the mortgaged properties.
The notice was signed by the bank鈥檚 senior vice-president and branch manager.
According to the notice, S Alam Refined Sugar Industries Limited, listed as an investment client of the Khatunganj branch, along with its chairman Mohammad Abdullah Hasan and managing director Mohammad Saiful Alam, owe the bank a total of Tk聽9,948.42 crore in defaulted loans and accrued interest as of March 24, 2025.
The auction is being conducted under Section 12(3) of the Money Loan Court Act, 2003, to recover the bank鈥檚 dues, including compensation and related expenses.
The notice mentioned that the mortgaged assets included 10.93 acres of land at Charpatharghata union under Karnaphuli upazila in Chattogram.
The listed properties also include factory buildings, warehouses, and other structures, covered under three registered mortgage agreements.
Once a leading private commercial bank in the country, Islami Bank came under the control of S Alam Group during the ousted Awami League government tenure.
The group held significant ownership in the bank and allegedly embezzled large sums of money through fraudulent loans and fund misappropriation.
