Bagdad Group chairman arrested over loan default
Warrants have been issued against the Bagdad Group chairman in more than 10 cases
Police on Wednesday arrested Ferdous Khan Alamgir, chairman of Chattogram-based Bagdad Group, in a case filed by the City Bank over loan default.
Nezam Uddin, officer-in-charge of Kotwali Police Station, told The Business Standard that following an arrest warrant from Chattogram Artha Rin Adalat (money loan court) in the case, Ferdous was arrested from Laldighi area in Chattogram early in the morning and later he was produced before the court.
According to police, Ferdous defaulted on a loan of over Tk17 crore taken out from the City Bank's Khatunganj branch. In 2012, the bank filed a case with the money loan court to retrieve the money. The amount that he now owes to the bank stands at Tk31.25 crore including interests.
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Besides, warrants have been issued against the Bagdad Group chairman in more than 10 cases.
Earlier on Monday, Chattogram Artha Rin Adalat Justice Mujahidur Rahman issued special instructions to the Chattogram police commissioner to arrest loan defaulters in the district.
In 10 months from 19 January to 1 November this year, the court issued arrest warrants in 1,383 cases.
The group has defaulted on loans amounting to around Tk300 crore from different banks. It owes Tk50 crore to Islami Bank, Tk46 crore to Rupali Bank, Tk31 crore to First Security Islami Bank, Tk12 crore to Bank Asia, Tk9.85 crore to Eastern Bank, Tk11 crore to Social Islami Bank and different amounts to a few other banks, according to banks.
Md Osman, manager at First Security Islami Bank's Probartak branch, said, "The Bagdad Group chairman defaulted on Tk34 crore taken from us. The bank authorities have started the process to put the company's mortgaged land up on an auction to recover the amount."
Ferdous Khan Alamgir was also a director of the Union Insurance Company and a director of Southern University in Chattogram.
Two years ago, police had arrested his wife Meherun Nesar who had been sued in 15 default loan cases. She was also convicted in nine cases filed by Phoenix Finance Investment Ltd over cheque frauds. Mehrun is currently out on bail.
