Janata Bank PLC has filed a Tk 1,963 crore defaulted loan case against controversial business conglomerate S Alam Group in Chattogram Money Loan Court.
Bench assistant of the court Rezaul Karim said that Chattogram Money Loan Court magistrate Mujahidur Rahman issued an embargo on the transfer of about 7.43 crore shares of First Security Islami Bank and Al Arafah Islami Bank, owned by S Alam Group.
鈥楾his is the first time a defaulted loan case has been filed against S Alam Group by the Chattogram corporate branch of Janata Bank PLC,鈥� Karim told journalists.
He said that 10 people, including Saiful Alam and his wife Farzana Parvin, were accused in the case for the Tk 1,964 crore defaulted loan of Global Trading Corporation, a sister concern of S Alam Group.
Other accussed in the case included Abdullah Hasan, Abdus Samad Labu, Osman Gani, Shahana Ferdaus, Mishkat Ahmed, Md Shahidul Alam and various institutions and individuals of the group.
Janata Bank鈥檚 legal adviser Shafiqul Islam Chowdhury said that the court put an embargo on the transfer of shares of two banks owned by Saiful Alam Masud and his brother Abdus Samad Labu.
At the same time, the court also directed the Anti-Corruption Commission to investigate whether the loan was properly distributed or not.
The court documents stated that Global Trading Corporation first obtained a loan of Tk 650 crore from the Chattogram corporate branch of Janata Bank, in violation of Bangladesh Bank鈥檚 directives.
The loan amount stands at Tk 1,963 crore, including interest since the company has not made any payments until September 2024.
In addition, other companies of S Alam Group also have loans of at least Tk 6,500 crore from the same branch.