CHATTOGRAM, Dec 01, 2024 (BSS) - 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 loan court Rezaul Karim said 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.
 
This is the first time a defaulted loan case has been filed against S Alam Group by the Chattogram corporate branch of Janata Bank PLC, Karim told journalists.

He said that 10 people, including Saiful Alam and his wife Farzana Parvin, have been accused in the case for the Tk 1,964 crore defaulted loan of Global Trading Corporation, a sister concern of S Alam Group.

In the case, 10 people Saiful Alam (S Alam) and his wife Farzana Parvin, Abdullah Hasan, Abdus Samad (Labu), Osman Gani, Mrs. Shahana Ferdaus, Mishkat Ahmed, Md. Shahidul Alam and various institutions and individuals of the group have been in the case for the Tk 1,963 crore defaulted loan S Alam Group’s Global Trading Corporation.

Janata Bank's legal advisor Shafiqul Islam Chowdhury said 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 ACC to investigate whether the loan was properly distributed or not.

The court documents state that Global Trading Corporation first obtained a loan of Tk 650 crore from the Chattogram corporate branch of Janata Bank, which is situated in Sadharan Bima Bhaban, in violation of Bangladesh Bank's 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 this branch.