A court has ordered the seizure of all shares held by controversial businessman Saiful Alam Masud (S Alam) and his brother Abdus Samad Labu in Fast Security Islami Bank and Al-Arafah Islami Bank.
Judge of Chattogram Finance Court Mr Mujahidur Rahman issued the order after hearing Janata Bank’s Tk1963 crore loan default case on Sunday afternoon.
Earlier, Satyajit Ghosh, an officer of the Dhaka head office of the bank and the city’s Agrabad General Insurance Bhaban branch office, filed a case against S Alam, his brother and 24 individuals and organizations on charges of Tk1,963 crore loan default.
The Chattogram Finance Court assistant Rezaul Karim told the media that the court has ordered the seizure of shares held by S Alam in Fast Security Islami Bank and his brother Labu’s in Al-Arafah Islami Bank in the loan default case.
In addition, the court ordered the Anti-Corruption Commission (ACC) to investigate how such irregularities happened while approving Tk2000 crore loans.
Apart from S Alam and Labu, the other defendants in the case are their other brother Rashedul Alam, Shahidul Alam, S Alam’s wife Farzana Parveen, Labu’s wife Shahana Ferdous and their various institutions.
It is mentionable that the S Alam and his family have been accused of various crimes including bank robbery and money laundering during the past decade, under the political patronage. After the fall of Sheikh Hasina led government, the interim government started a drive against all the defaulters and criminals who are responsible for the economic crisis in the country.
Translated by Bangladesh Pratidin English/ Afsar Munna
