SA Group MD arrested over loan scam | 2018-10-18

SA Group MD arrested over loan scam

Staff Correspondent

17th October, 2018 10:35:36 printer

Md Shahabuddin Alam, managing director of SA Group and director of Mercantile Bank, was arrested in Gulshan area of the capital on Wednesday over a loan scam.

“Shahabuddin was arrested from Gulshan around 12noon,” said Criminal Investigation Department (CID) Inspector Ashraful Islam.

He has been facing several criminal cases and civil suits filed by different banks under the Money Loan Court Act.

SA Group, a Chattogram-based company, is one of the highest loan defaulters of the country.

It took over Tk 3,000 crore loans from different banks and financial institutions.

Later, police produced Shahabuddin before Dhaka Metropolitan Magistrate Sarafuzzaman Ansary. After hearing, the court sent him to jail.

He was arrested in the case filed by Chattogram CDA Avenue Branch of Bank Asia Limited over a Tk 709.27-crore loan scam.

Apart from that, the amount of loan Shahabuddin took from different scheduled and private commercial banks was Tk 3,622.48.