Janata Bank, a state-owned institution, has put up land belonging to S Alam Group’s company, S Alam Sugar Refinery Industry Limited, for auction.
The company owes the bank a massive 1,777 crore taka, and to recover the debt, 2,971 percent of the company’s land is now being auctioned at the General Insurance Corporate Branch in Chittagong.
Almost the entire 10,000 crore taka loan taken by S Alam Group from Janata Bank has gone unpaid, leaving the company in default. As a result, the bank has been forced to auction off the mortgaged land for each of these loans, one after another, in an attempt to recover its losses.
Over the past 14 years, S Alam Group and its related companies have taken almost 9,700 crore taka in loans from Janata Bank’s General Insurance branch. The company began borrowing from the bank in 2010, shortly after the Awami League came to power. There have been serious allegations that S Alam Group has withdrawn at least 1.5 lakh crore taka from various banks and financial institutions, with most of the money believed to have been siphoned off. Source: The Business Standard
