Loan default: Police arrests owner of Mabiya Group
A Chattogram court also imposed a travel ban on the businessman and his wife Fatema Begum
Chattogram police have arrested Mabiya Group Managing Director (MD) Jahangir Alam, 50, in connection with a case filed by Mercantile Bank for defaulting on repaying a loan of more than Tk100 crore.
He was taken to court on Sunday following his arrest earlier on the day, confirmed Sitakunudu police station Officer-in-Charge (OC) Abul Kalam Azad, to The Business Standard (TBS).
Chattogram Artha Rin Adalat (money loan court) has also imposed a travel ban on the businessman and his wife Fatema Begum, barring them from leaving the country, responding to a request of Mercantile Bank's lawyer, Jahidul Karim.
Keep updated, follow The Business Standard's Google news channel
Jahangir's arrest comes amid an ongoing crackdown by Chattogram authorities on loan defaulters in the district following a special directive of the Artha Rin Adalat last week.
Earlier, Ferdous Khan Alamgir, 55, MD of Chattogram-based Baghdad Group was arrested on Wednesday in connection with a case filed by City Bank for defaulting on paying back a loan of Tk310 crore.
Jahangir Alam was arrested for defaulting on Mercantile Bank loans amounting to Tk107.50 lakh, given to Mabiya Ship Breakers between 2005-2010. A case was filed in this regard in 2017, by the bank's Madam Bibir Hat branch, said OC Abul.
According to Artha Rin Adalat sources, the Mabiya Group and its subsidiaries owe over Tk420 crore to various branches of City Bank, AB Bank, Mutual Trust Bank, and Standard Bank.
The group's subsidiaries include Zilani Traders, Mabiya Ship Breakers, Mabiya Steel Complex, Brothers Ispat Industries, FMS Ispat Ship Breaking, Ali Steel Enterprise, Khaja Azmir Corporation, and Fahim Steel Re-Rolling Mills.
The loans were given to import scrap ships and to invest in rod manufacturing factories, according to banks. However, the companies used the money to buy land instead of investing in factories.
On Monday last week, Justice Mujahidur Rahman of Chattogram Artha Rin Adalat issued a special directive to Chattogram Metropolitan Police Commissioner Saleh Mohammed Tanvir to arrest loan defaulters in the district.
According to court data, between 19 January and 1 November this year, it issued arrest warrants in 1,373 loan default cases.
