How two Ctg couples disappear into thin air with Tk300cr bank loans

Take huge bank loans, embrace a luxurious lifestyle, make frequent foreign tours, socialise with high-class people, and ultimately disappear when the banks demand loan repayment. This seems to be the mantra of two Chattogram couples.

The duos, Sultana Shireen Akhter-Mostafizur Rahman and Moazzem Hossain-Sadika Afrin Dipti, have allegedly vanished after securing loans worth approximately Tk300 crore from seven banks and non-bank financial institutions, leaving the lenders in a state of uncertainty and exposed to potential financial losses.

According to banks and court sources, three companies associated with Shireen and Mostafizur, namely Alvi Enterprise, Sijda Motors, and Shireen Corporation, managed to obtain some Tk110 crore in loans from various banks and NBFIs in the port city. 

In a separate case, Moazzem and Dipti secured a loan of Tk175 crore without providing any collateral for their shipbreaking company, Grand Trading Enterprise, from the Khatunganj Branch of National Bank. However, shipbreaking industry insiders claim they have never heard of this company. 

Officials from the banks and institutions involved have told The Business Standard that both couples have remained unresponsive to all attempts made by the lenders to establish contact regarding the repayment of the loans. Furthermore, the lenders have been unsuccessful in locating the companies associated with the loans.

From woman entrepreneur to loan defaulter

Sultana Shireen Akhter, the daughter of a police officer father and a small entrepreneur mother, entered the heavy equipment industry after 2010. Her government job holder husband, Mostafizur, also got involved in the business.

Her company rented out heavy machinery such as dump trucks, cranes, lorries, and bulldozers. 

Initially, the company flourished, securing contracts from prominent public and private institutions, including renowned steel industry groups including BSRM and AKS Steel. 

In 2017, Shireen borrowed Tk46 crore from One Bank's Station Road branch in Chattogram for her three companies.

But, she failed to make loan repayments as agreed. Despite offering to reschedule the loan in December 2019, she did not fulfill the required down payment. Consequently, the bank filed a case against her for dishonored cheques used for loan repayment.

On 2 September 2020, the CMM Court in Chattogram imposed a travel ban on her. However, the ban was lifted by the Metropolitan Sessions Judge Court following her appeal. 

Shireen has not made any loan repayments in the past four years, and she ceased all communication with the bank for the past year, making it difficult to establish contact, said Rupan Kanti Paul, vice president of One Bank and in-charge of the Station Road branch.

Currently, One Bank has 57 cases against her, including 36 cases in Chattogram and 21 in Dhaka.

Although some land and a building are held as collateral by the bank, their value is significantly lower than the loan amount. 

Shireen owes Tk61 crore to One Bank, Tk30 crore to Southeast Bank, Tk8 crore to UCBL, Tk6 crore to LankaBangla Finance, Tk3 crore to IPDC, and Tk2 crore to Premier Bank.

Borhan Uddin Chowdhury, manager of UCBL's Kadamtali branch, said Shireen still has an outstanding balance of over Tk8 crore with them, which was obtained under the name of Sijda Motors. They are preparing to file a case against her.

According to the banks, all the loans acquired by Shireen, except the one from IPDC, have been classified. 

Her office, located in the building of Hotel Highway International at AK Khan Intersection, was found closed. 

As per loan documents, her residence is in the Nasirabad area of the city, and her in-law's village home is in the West Bailtali area of Chandanish upazila in Chattogram. However, no family members were found at her listed address.

Officials claim that Shireen had limited involvement in her companies' operations. She frequently traveled abroad and associated with high-class individuals. Due to her connections and being a woman entrepreneur, she obtained loans from banks relatively easily.

Despite being contacted via WhatsApp on 26 May and promising to provide a statement, she did not make further contact before the report was prepared.

Tk175 crore loan without collateral

Meanwhile, the Moazzem-Dipti duo vanished after borrowing Tk175 crore from National Bank without offering any collateral. The bank has no information about their whereabouts.

The loan was granted to Grand Trading Enterprise by National Bank's Khatunganj branch in 2018. As the couple failed to make any repayments in five years, the branch filed a case against them in the Money Loan Court in December 2022.

On 18 May this year, the court ordered the Anti-Corruption Commission (ACC) to investigate the irregularities surrounding the loan. 

Earlier, on 5 March, the court imposed a travel ban on the borrowers, preventing them from leaving the country. 

Another businessman in the shipbreaking sector, Ashikur Rahman Lashkar, also known as Mahin, issued a cheque to cover a loan installment. As a result, the bank has included Mahin as a defendant in the case. 

However, Mahin has already left the country without repaying approximately Tk2,500 crore loans obtained from around 10 banks.

Despite the bank records indicating an address for Grand Trading Enterprise, no such establishment was found at the specified location in North Sonachari, Sitakunda. 

Attempts to contact the couple using the phone numbers provided in the bank documents were unsuccessful.

Shahadat Hossain, former branch manager of National Bank's Khatunganj branch, told TBS that he was not familiar with the borrowers and that none of the bank personnel had met the couple. He mentioned that they were instructed by senior officers at the bank's head office to sign the files.

Md Mehmood Husain, managing director of National Bank, confirmed that the loan to Grand Trading Enterprise was granted several years ago and has already been classified. 

"The issue is now under litigation and the court has already directed the ACC to work on the matter. We are trying our best to recover the loan. But I do not know whether there were any irregularities involved in sanctioning the loan," he added.