Ctg court orders probe into MK Steel directors for alleged Tk181 crore laundering
The court's directive came after a hearing related to a loan default case filed by City Bank’s Agrabad branch
The Chattogram Financial Debt Court has ordered the Financial Intelligence Unit (BFIU) to investigate an alleged money laundering case involving three brothers - Joynal Abedin, Jamil Abedin, and Ala Uddin – who are the directors of Chattogram-based business firm MK Steel.
The court's directive came today (29 August) after a hearing related to a loan default case filed by City Bank's Agrabad branch, seeking the recovery of Tk181.5 crore.
According to court documents, the brothers secured a loan of Tk 152.34 crore from City Bank Limited's Agrabad branch in the name of MK Ship Builders Limited between 2012 and 2015. However, they have repaid only Tk6.74 crore to date, leaving a significant portion of the loan unpaid.
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According to the case, the three brothers, who are now reportedly absconding abroad, may have laundered a substantial portion of the loan money.
Court sources indicate that Joynal Abedin, Jamil Abedin, and Ala Uddin have fled the country without settling their outstanding debts.
The court also noted that the defendants attempted to respond to the case by submitting forged signatures, which was rejected by the court. The court then directed them to appear in person and sign their reply, but they failed to comply.
Given the seriousness of the allegations, Judge Mujahidur Rahman of the Chattogram Financial Debt Court has instructed the BFIU to conduct a thorough investigation into whether the loan money was laundered and to submit a detailed report on their findings.
The three brothers are embroiled in numerous legal battles, with at least 10 cases pending against them in the Financial Debt Court. These cases have been filed by various banks, including The City Bank Limited.
Court records reveal that MAC International, a company once involved in the shipbreaking industry in Chattogram and linked to the Abedin brothers, owes approximately Tk800 crore to 10-12 banks. MAC International and its subsidiaries, owned by Zainal Abedin and his brothers, faced several lawsuits filed by these banks.
