Tk2,280cr loan default: Court orders seizure of S Alam Group’s land, flats, bank account
The bank alleged that the accused failed to repay the borrowed funds and requested the court to impose a restriction on the transfer or disposal of the mentioned properties and accounts while the case remains under trial.
A Chattogram Money Loan Court has ordered the seizure of 307 satak of land, two residential flats, and a bank account containing Tk4.32 crore belonging to various entities of the S Alam Group.
The order was issued today (7 August) by Judge Md Helal Uddin of the Chattogram Money Loan Court-1, the court's bench assistant, Mohammad Ershad, told The Business Standard.
The bank alleged that the accused failed to repay the borrowed funds and requested the court to impose a restriction on the transfer or disposal of the mentioned properties and accounts while the case remains under trial.
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Following the appeal, the court ordered the seizure of the assets.
The case was filed by Islami Bank Bangladesh PLC's Khatunganj branch against S Alam Cold Rolled Steels Ltd and 17 other individuals and entities associated with S Alam Group, accusing them of defaulting on a loan amounting to Tk2,280.28 crore.
According to the case documents, the listed assets include two flats in Dhaka, estimated to be between 1,350 to 1,500 square feet each, a total of 307 satak of land spread across eight plots, and Tk4.32 crore deposited in the group's account at Pubali Bank's Khatunganj branch.
