Janata Bank has announced an auction of the collateral property of ‘Global Trading Corporation Limited’, a subsidiary of S Alam Group, to recover defaulted loans of Tk 1,850 crore. Janata Bank hopes to recover a fifth of the dues by selling off the group’s collateral land in Chattogram, Gazipur This marks the first time a bank has moved to auction the mortgaged assets of an S Alam Group, a business conglomerate, amid allegations that the group siphoned off billions of taka from various banks through loans during former Prime Minister Sheikh Hasina's 15-year tenure. High Court orders S Alam Group to submit asset list The bank announced the auction, set for November 20, in newspapers on November 1 and invited interested parties to submit their bids. According to bank insiders, the value of the mortgaged assets, consisting of 1,860 decimals of land across Chattogram and Gazipur, have a maximum market value of Tk358 crore, which is less than a fifth of the total amount due. This valuation is almost five times less than the amount owed. It is not possible to fully recover the defaulted debt by selling this property. Further legal action may be required to recover the outstanding balance. According to section 12(3) of the Debt Court Act, the money can be recovered by selling the collateral property before the bank files a case. S Alam Group alone took more than half of loans of Islami Bank: new chairman Al Masud In an audit report of the Comptroller and Auditor General (CAG) of Bangladesh in 2021, the Global Trading Corporation has taken additional loans beyond the credit limit without complying with the guidelines of Bangladesh Bank. According to S Alam Group's website, the global trading corporation established in 2012 was engaged in the trading of industrial raw materials, commercial products, and construction materials. According to the report, in 2012, Global Trading Corporation initially took a loan of Tk 650 crore from Janata Bank's Chittagong corporate branch located in the General Insurance Building. Singapore seeks asset information on S Alam Group This loan has reached a total of Tk1070.65 crore until the year 2021. Of this, Tk 617.47 crore is PAD (Payment Against Document), Tk 223.18 crore is LTR (Trust Receipt) loan and Tk 229.99 crore is CC hypo loan. The amount of loan with interest increased to Tk 1850 crores in September 2024.

A  Dhaka court has issued a travel ban on Saiful Alam, the owner of S Alam Group, his wife Farzana Parveen and 11 family members. Dhaka Metropolitan Senior Special Judge Mohammad Zoglul Hossain passed the order in response to a petition from Anti-Corruption Commission’s Public Prosecutor Mir Ahmed Ali Salam on Monday. Travel ban imposed on former NSI DG, his wife In addition to Saiful Alam and his wife, those barred from leaving the country include his sons Ashraful Alam and Ahsanul Alam, brothers Morshedul Alam, Shahidul Alam, Rashedul Alam, Abdus Samad, Osman Gani, and Mohammad Abdullah Hasan, Abdus Samad’s wife Shahana Ferdous, Osman Gani’s wife Farzana Begum, and an unidentified man, Miskat Ahmed.

Five people including four officials of Islami Bank Bangladesh Limited (IBBL) PLC sustained bullet injuries in a clash between two groups of the bank in front of its head office in Motijheel area of Dhaka on Sunday (August 11, 2024). Four of the injured identified as officials Mamun, Abdur Rahman, Baki Billah and godown guard Shahfiullah Sardar are now undergoing treatment at a hospital. Sources said some officials under the banner of ‘Anti-Discrimination Banker Society’ were trying to hold a rally in front of the head office in the morning. Read more: Islami Bank continues to reject cheques of ‘suspicious companies’ Some bank officials, who work for the S Alam Group, barred them from holding the rally, resulting in a scuffle between them, they said. At one stage, shots were fired at the protesters, leaving five people injured, they said. A tense situation has been prevailing in and around the bank following the incident. Motijheel Police Station’s Officer-in-Charge Abul Kalam Azad could not be reached over mobile phone despite repeated attempts. Read more: Executives appointed by S Alam will not be allowed to enter Islami Bank: CBA of the bank

S Alam Group will import 12 lakh metric tonnes of daily essentials to ensure uninterrupted supply of essential consumer goods and to keep prices affordable for the month of Ramadan. With an investment of more than hundreds of millions of dollars, the effort accounts for approximately 50 percent of the nation's total food demand for Ramadan. sugar, edible oil, wheat, lentils, and chickpeas are among the imported products, according to a press release. Coca-Cola appoints Nahar Choudhury as first Bangladeshi managing director  S. Alam Group fulfills 30, 20 and 35 percent of the current domestic market demand of oil, wheat and sugar respectively. The company is working diligently to increase the supply to 50 percent this year. Like previous years, S Alam Group has taken initiatives to import huge volume of daily necessities during Ramadan to benefit the mass people, it said. The country's annual sugar demand is 24 lakh MT, with the month of Ramadan alone accounting for  2.72 lakh MT. S Alam Group is importing 641,300 MT of sugar, which is more than twice the demand during Ramadan, the release also said. The yearly demand for edible oil in Bangladesh is about 22 lakh metric tons. Out of which, three lakh metric ton is demanded during Ramadan. S. Alam Group is importing 2 lakh 58 thousand metric tons of edible oil, 86 percent of the demand during Ramadan, to ensure market stability, it also said. FBCCI President invites Sri Lankan investors to invest in Bangladesh's SEZ The annual demand of wheat in the country's market is about 63 lakh metric tons (excluding domestic production). Consumers require about five lakh 28 thousand metric tons of wheat every month. S Alam Group is importing One lakh 78 thousand metric tons of wheat, 34 percent of the demand during Ramadan, to ensure market stability. Bangladesh’s demand for lentils stands at six lakh tons annually, with a monthly requirement of 50 thousand tons. The demand for lentils surge during Ramadan, reaching one lakh tons. S. Alam Group is importing 50 thousand metric tons of lentils, meeting 50 percent of the demand during Ramadan. Similarly, annual chickpea demand is one lakh 36 thousand metric tons, with demand during Ramadan standing at 91 thousand metric tons. S. Alam Group is importing 50 thousand metric tons of chickpeas during Ramadan, covering 55 percent of the demand during Ramadan. The company is optimistic that these proactive measures will contribute to maintaining affordable prices in the country's market during the Ramadan season, ensuring accessibility for the general populace. Daraz launches Bangladesh’s first-ever free delivery festival “We have once again undertaken the proactive step of importing essential products in large quantity to meet the overall demand during Ramadan. Some of these imported items are in stock, while several shipments are awaiting clearance. Our commitment aligns with the government's objective of ensuring affordability for the people during Ramadan. In the event of any shortages during the Holy month, we remain prepared to take further measures to import additional products.”

The High Court on Sunday (August 06, 2023) asked the authorities concerned to investigate the allegations brought against S Alam Group over "transferring money abroad and investing in foreign countries without permission from Bangladesh Bank" and submit the report within two months. The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the sue moto rule when Barrister Syed Sayedul Haque Suman, a prominent lawyer of the Supreme Court, drew the attention of the court after attaching a report published by The Daily Star with the headline "S Alam's Aladdin's lamp". High Court orders submission of list of top drug traffickers The HC also asked the Anti-Corruption Commission (ACC) to submit a report to Bangladesh Bank and Bangladesh Financial Intelligence Unit after inquiring into whether there is any money laundering issue or whether S Alam Group took permission from Bangladesh Bank. It also issued a rule asking the government to explain why the failure of the respondent to prevent the money laundering issue should not be declared illegal. The HC issued another rule asking the government to explain why directives should not be given to investigate the allegations against S Alam Group and why necessary steps should not be taken against the person and organisation involved in the incident. High Court orders investigation into alleged money laundering by Biopharma Barrister Syed Sayedul Haque Suman was present, while senior lawyer Khurshid Alam Khan stood for ACC and Deputy Attorney General Saifuddin Khaled represented the state. Earlier, on August 4, The Daily Star published a report titled "S Alam's Aladdin's lamp". According to the report, S Alam Group owner Mohammed Saiful Alam has built a business empire in Singapore worth at least about USD 1 billion, although there is no record of him taking permission from Bangladesh Bank to invest or transfer any funds abroad. The central bank has so far allowed 17 companies to invest outside the country, and the Chattogram-based business giant is not on that list, says the report. Yet in Singapore, Alam bought at least two hotels, two homes, one retail space, and other properties over the last one decade, all the while seeking to remove his name from the paper trails, it adds. High Court questions hike in price of performing hajj "As of January 10, 2023, the central bank has cleared roughly about USD 40.15 million to be invested abroad globally, a Bangladesh bank document shows. The figure is 10 times less than what Alam has spent just to buy two hotels and one retail space – worth over USD 411.8 million – in Singapore since 2009," the report says. "The Bangladesh Bank document also shows that just over USD 107,000 have so far been sent to Singapore legally by a number of companies, and none of them is owned by Alam," The Daily Star report says.

Detectives in a drive on Sunday arrested five people from different parts of the city, for spreading rumors on social media about the reserve crisis of Islami Bank and S Alam group. Harun-or-Rashid (DB), additional police commissioner of Dhaka Metropolitan Police (DMP), disclosed the information when talking at a press briefing held at DMP media centre on Monday. The arrestees were identified as Mohammad Nur-un-nabi, Afsar Uddin Roman, Abu Syed Saju, Swadhin Mia and Abdus Salam. Also Read: Scam-hit Islami Bank earns operational profit in 2022, Basic Bank reports loss When briefing, Harun said the arrestees were involved in spreading rumors through social media from home and abroad. Besides, they were also involved in discouraging the expatriates from sending remittances, he said. “We have got the names of all who were involved in it and action will be taken against them soon,” he added. Former director of Islami Bank and officials were also involved in the syndicate. Also Read: Observers appointed for S Alam Group-controlled IBBL and FSIB Replying to a question, whether there is any involvement between the syndicate members or any political parties, the DMP commissioner said “We have found involvement of Jamaat-Shibir men in the group.” He also urged people not to pay any heed to the rumours as currently there is a sufficient foreign reserve. Also Read: Tk 30,000cr loan from Islami Bank: HC asks S Alam Group to explain reports Mentioning that the bankruptcy of banking sectors and financial institutions is nothing but a rumour, Harun also asked people to refrain from withdrawing money from the banks.      

The High Court today ordered the authorities concerned to probe into the much talked about and reported “loan scam” in three banks – Islami Bank, Social Islami Bank Ltd and First Security Islami Bank – and submit the report within next four months. The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the order after issuing a Suo Motu (voluntary) rule following newspaper reports. The court directed Bangladesh Bank’s Bangladesh Financial Intelligence Unit (BFIU), Anti-Corruption Commission (ACC) and Bangladesh Police’s Criminal Investigation Department (CID) to submit the probe report. Read: Basic Bank loan scam: HC orders ACC to complete probe in 3 months At the same time, the court ordered the authorities of these three banks to submit the list of bank officials involved in approving loans worth thousands of crores of taka. The HC also issued a rule, asking why the inaction of the banks to take action against those responsible for approving loans worth thousands of crores and S Alam Group’s Tk 30,000 loan should not be declared illegal. The rule also asked why no instructions should be given to take action against those responsible. Read: Loan default case: 12 Pabna farmers get bail Besides, the HC bench asked S Alam Group to explain the newspaper reports that said the company took Tk 30,000 crore from Islami Bank. The court also set April 5 next year for the hearing and asked to submit the report after verifying the authenticity of the news published. Advocate Khurshid Alam Khan for ACC and Deputy Attorney General AKM Amin Uddin Manik for the state were present in the court. Read More: Loan default case: 12 Pabna farmers get bail On November 24, a report was published in the daily Prothom Alo stating that an “unscrupulous group” had taken a loan of Tk 2,000 crore from Islami Bank Bangladesh Limited (IBBL) by opening two companies with fake addresses and papers. In all, about Tk 7,000 crore loans have been approved from Islami Bank in various ways in the name of eight companies this year. The maximum amount of loan, Tk 2,460 crore, was withdrawn from November 1 to 17, according to the newspaper report. Read More: Women entrepreneurs repay loans in most cases: Commerce Minister In the same way, the companies have withdrawn Tk 2,320 crore loan from Social Islami Bank Limited (SIBL) and the First Security Islami Bank. As a result, the debt of the companies with interest to these three banks has increased to Tk 9,500 crores, it added. Meanwhile, another report published in the New Age newspaper on November 29 said that S Alam Group alone has taken loan of Tk 30,000 crore from Islami Bank. Read More: Payment of Hajj Finance Loan and DPS Instalment through Nagad

The High court on Tuesday ordered the S Alam Group to pay Tk 5 lakh each to families of the seven men killed in police firing in Chattogram’s Banshkhali on April 17. Justice M Enayetur Rahim and Justice Sardar Md Rashed Jahangir’s bench also issued a rule seeking an explanation why a judicial investigation should not be ordered into the incident. The order and ruling came after hearing on two writ petitions. Five workers were killed and over 30 injured as police opened fire on demonstrators demanding payment of dues as well as breaks for prayer/iftar during Ramadan. Also read: Govt announces compensation for Banshkhali victims Later, two more workers succumbed to their injuries. Police and the district administration formed two committees to investigate the incident. The court has ordered them to submit their reports within 45 days. S Alam group was ordered by the court to submit a report on actions taken for providing treatment and treatment expenses to the victims within 45 days. The High Court has also asked why Tk 3 crore to each family of the deceased and Tk 2 crore each to injured victims’ families should not be provided. Also read: 2500 sued over Banshkhali incident It also asked why the failure to take proper action and ensuring the safety of the victims’ families should not be declared illegal. Until now two cases have been filed, blaming the workers for the incident. The victims' families have not sought legal recourse yet.

A demand of Tk 50 lakh in compensation for the families of each worker killed in police firing at S Alam Group's coal-based power plant in Banshkhali has been raised by Dr Zafrullah Chowdhury, trustee of Gonoshasthaya Kendra. Dr Zafarullah placed the demand in front of media while visiting the families of the killed workers on Sunday. Along with the compensation, Dr Zafarullah demanded employment for the family members of the victims. Also read: 2500 sued over Banshkhali incident He also demanded judicial investigation of the police firing incident at the under-construction power plant, owned by S Alam Group and a Chinese company in a joint venture. On April 17, five workers lost their lives and more 30 sustained injuries as police open fired on protesting workers. They were agitating for payment of dues as well as breaks for prayer/iftar during Ramadan. Later on April 21, another worker injured in the incident breathed his last in hospital. Also read: Banshkhali incident: SKOP demands judicial investigation Police and District administration have formed two probe bodies on this matter. Until now two cases have been filed in this connection, blaming the workers for the incident. Victims' families have not sought legal recourse

A writ was filed with the High Court on Thursday seeking judicial inquiry into the death of five workers of a coal-based power plant of S Alam Group in police firing  in Banshkhali upazila of Chattogram. Advocate Syeda Nasreen filed the writ petition on behalf of the human rights organization Ain o Salish Kendra. The writ also sought compensation of Tk 3 crore to the families of the deceased and of Tk 2 crore to the families of the wounded. Also read: Police firing in Chattogram leaves five workers dead While talking to the media, Nasreen said that the High Court bench headed by Justice M Enayetur Rahim could hear the writ petition next week. Earlier on April 18, a legal notice was sent by the human right organisation to take necessary actions against those involved in the incident. Home , Law , Industries and Commerce Secretaies, Inspector General of Police, among others, were made  respondents to the notice. Nasreen said that the writ was filed as there was no reply of the legal notice. On April 17, five workers of a coal-based power plant of S Alam Group were shot to death and 25 others injured in a clash between police and workers over payment of their dues in Banshkhali upazila of Chattogram district. Also read: Banshkhali incident: SKOP demands judicial investigation The victims were identified as Ahmed Reza, Rony Hossain, Shuvho, Mohammad Rahat and Mohammad Raihan. Another worker, who sustained bullet injuries during the clash died at Chittagong Medical College and Hospital on Wednesday, raising the death toll to six. Two cases have been filed against over 2,500 people in connection with the incident. Also read: 2500 sued over Banshkhali incident