Chattogram: Janata Bank PLC has initiated legal proceedings against the S Alam Group, a well-known business conglomerate, by filing a defaulted loan case amounting to Tk 1,963 crore in the Chattogram Money Loan Court. The court has responded by imposing restrictions on the transfer of approximately 7.43 crore shares owned by S Alam Group in First Security Islami Bank and Al Arafah Islami Bank. According to Bangladesh Sangbad Sangstha, this marks the first instance where Janata Bank's Chattogram corporate branch has lodged a defaulted loan case against S Alam Group. The case involves ten individuals, including key figures such as Saiful Alam and his wife, Farzana Parvin, in relation to the defaulted loan concerning Global Trading Corporation, a subsidiary of S Alam Group. Bench assistant Rezaul Karim confirmed that the court has named individuals like Abdullah Hasan, Abdus Samad (Labu), Osman Gani, Mrs. Shahana Ferdaus, Mishkat Ahmed, and Md. Shahidul Alam, along with various institutions and individuals li nked to the group, as accused in the case. The legal advisor for Janata Bank, Shafiqul Islam Chowdhury, stated that the court has placed an embargo on the share transfers of Saiful Alam Masud and his brother Abdus Samad Labu. Furthermore, the court has instructed the Anti-Corruption Commission (ACC) to investigate the legitimacy of the loan distribution. Court documents reveal that Global Trading Corporation initially secured a loan of Tk 650 crore from Janata Bank's Chattogram corporate branch, located in Sadharan Bima Bhaban, in contravention of directives from Bangladesh Bank. The loan has now escalated to Tk 1,963 crore, including interest, due to non-payment until September 2024. Additionally, the documents highlight that other S Alam Group companies have outstanding loans amounting to at least Tk 6,500 crore from the same branch.
