A Chattogram court has ordered the seizure of assets belonging to the S Alam Group in connection with a massive defaulted loan amounting to Tk10,280 crore from Islami Bank’s Khatunganj branch.
The directive was issued on 2 July by Judge Md Helal Uddin of the Money Loan Court–1. Mohammad Ershad, bench assistant of the court, confirmed the development.
According to the court order, the seized assets include a four-storey commercial building located in Dhaka’s financial hub Motijheel, as well as 5 kathas and 9.90 decimals of land.
The property is registered under Farzana Parvin, chairperson of S Alam Vegetable Oil Ltd, who reportedly acquired the assets on 13 August 2023.
The order aims to recover the outstanding amount linked to one of the largest defaulted loans in the country’s banking history.
The case marks a significant legal action in the ongoing scrutiny of large corporate borrowers and their dealings with financial institutions in Bangladesh.
Further legal proceedings are expected as the recovery process continues.
