A case has been filed against 24 individuals and business entities, including S Alam Group Chairman Saiful Alam Masud, his wife and brothers, for failing to repay a loan of Tk1,963 crore.

Janata Bank lodged the case with Chattogram Artha Rin Adalat Judge Mujahidur Rahman on Sunday, according to Bench Assistant Rezaul Karim.

In separate applications, the plaintiff also sought an advance attachment of 4,96,10,066 shares owned by Saiful in First Security Islami Bank and 2,46,84,068 shares held by his brother Labu in Al Arafah Islami Bank.

The court issued a show-cause notice to the accused, asking them to explain why the shares should not be attached until a verdict is reached.

Additionally, the court imposed restrictions on transferring Saiful and Labu’s shares in the respective banks and instructed the relevant authorities to ensure the shares remain untransferred, Bench Assistant Rezaul Karim confirmed.

The Anti-Corruption Commission has been directed to investigate irregularities in the loan approval, he added.

The bank owes the unpaid loan from the S Alam Group’s associate firm Global Trading Corporation Ltd.

The accused in the case include Global Trading, its Chairman Abdus Sabur, Saiful’s brothers Mohammad Rashedul Alam, Md Abdullah Hasan, Abdus Samad Labu, Osman Gani, Md Shahidul Alam, Saiful’s wife Farjana Parvin, Labu’s wife Shahana Ferdous, Mishkat Ahmed, S Alam Trading Company, S Alam Refined Sugar Industries Ltd, S Alam Cold Roll Steels Ltd, S Alam Vegetable Oil Ltd, S Alam Super Edible Oil Ltd, S Alam Steels Ltd, S Alam Cement Ltd, S Alam Brothers Ltd, S Alam Soya Seed Ltd, S Alam Bag Manufacturing Mills Ltd, S Alam Power Generation Ltd, S Alam Luxury Chair Couch Ltd and Chemon Ispat Ltd.       

According to the case statement, the plaintiff mentioned Saiful as the main patron of Global Trading and alleged that he was the controller of six banks in the country. The banks became unable to pay the deposits of general people.

The Janata Bank Board and Bangladesh Bank were bound to approve the huge amount of loan because of undue influence and pressure.

The accused Global Trading applied to the bank’s Sadharan Bima Bhaban Branch in Chattogram for LC limit and Loan against Trust Receipt (LTR) in 2010, and the bank granted Tk2,770 million LC limit and Tk2,080 million LTR limit then.

The company got the limits enhanced several times later.

Now, the bank filed the case to realise the amount totalling Tk19,63,54,61,559 against cash credit (Hypothecation), LTR and Payment against Documents (PAD) with the court, read the case statement.