Staff Correspondent: Businessman S Alam, known to be close to the controversial Sheikh Hasina regime, is allegedly trying to pass off his debt, taken from Islami Bank, onto Nabil Group of Industries. According to Nabil, despite having proof that the loans were taken through fraudulent means with the help of bank officials, no action has been taken against those responsible. Instead, blame is now being shifted onto others.
Bank sources confirm that, according to Islami Bank's records, 22 companies are listed under S Alam's direct liabilities. Another 7 companies are shown as indirect liabilities, and 17 more are marked as "linked" companies. Using these companies, S Alam allegedly withdrew large sums of money irregularly. Among them, six fake companies were created in the names of Nabil Group's employees, through which money was also withdrawn. Now, efforts are underway to put this liability on Nabil Group's shoulders.
Field investigations, review of Islami Bank documents, and information from Bangladesh Bank suggest that around Tk 75,000 crore was withdrawn from Islami Bank alone, most of which has reportedly been laundered by S Alam Group. Several linked companies like Market Master Analyser Ltd, Zaman Syndicate, Sultan Associates Ltd, AJ Trade International, International Product Palace, and Anwara Trade International withdrew Tk 7,111 crore in total. These companies were opened using fake documents, and Nabil Group employees' names were used as owners. Loans were rapidly approved and then quickly transferred to other accounts, most of which belong to S Alam's companies.
Loans taken in the names of companies like SS Straight Line International, Medigreen, and Marts Business were later settled using money from loans taken by the six fake companies, to clear records.
Records show that loans under Zaman Syndicate were fully transferred to S Alam's own or associated companies. In six deals, S Alam directly withdrew Tk 841 crore from Islami Bank's Khatunganj branch. In another deal on 8 November 2022, Tk 12 crore was withdrawn from the Pabna branch. Between 18-22 June 2023, four more deals led to Tk 145 crore being transferred to associate company Medigreen International Ltd. Between 28 September and 15 November 2022, most of these funds were moved into accounts belonging to S Alam Vegetable Oil and S Alam Super Edible Oil.
AJ Trade International transferred Tk 893 crore through 24 deals. Out of this, Tk 613 crore went to S Alam Super Edible Oil Ltd, S Alam Refined Sugar Ltd, and S Alam Vegetable Oil Ltd at Khatunganj branch. Another Tk 230 crore went to SS Straight Line Ltd at VIP Road branch, Tk 20 crore to Green Merchant at Rajshahi branch, Tk 32 crore to Medigreen at Nawabpur Road branch, and Tk 30 crore remained in AJ Trade's account at Rajshahi branch. Tk 135 crore was also transferred to Shimul Enterprise at Rajshahi branch.
From International Product Palace, Tk 495 crore was moved to SS Straight Line International Ltd between 13-30 April 2023. Another Tk 500 crore was used to repay a forced loan taken from Nabil Naba Foods on 6 April 2022, along with interest.
The full amount was transferred within three days from 4 September 2022.
According to Islami Bank records, from the Tk 950 crore taken by Market Master Analyser Ltd, Tk 400 crore was transferred to S Alam Super Edible Oil Ltd and S Alam Vegetable Oil Ltd on 11 August 2022. The remaining Tk 550 crore was used to repay a Tk 1,500 crore forced loan taken from Nabil Group on 15 December 2021. This settlement was done through two deals on 10 and 11 August 2022.
Sultan Associates, another linked company of S Alam, also diverted most of its loan money to S Alam and its partner companies. Between 13-26 April 2023, Tk 213 crore went to Sonali Traders at Khatunganj branch. On 28 September 2022, Tk 65 crore and Tk 10 crore were transferred to Anwara Trade International and Anwara Feed Mills Ltd at Rajshahi branch, respectively. Two more deals on 26 and 30 September at Pabna branch totalled Tk 50 crore. Between 18-26 June 2023, seven deals transferred Tk 280 crore to Medigreen International Ltd at Nawabpur branch. Additionally, Tk 228 crore went to SS Straight Line International Ltd at VIP Road branch and Tk 25 crore to Marts Business at Farmgate branch.
S Alam also used fraudulent means to repay loans taken from the Nabil Group. On 15 and 16 December 2021, he borrowed Tk 900 crore and Tk 600 crore via pay orders. On 6 April the following year, he took another Tk 350 crore. To repay this debt and to settle loans under SS Straight Line International Ltd, Marts Business, and Medigreen, he created six fake companies using forged documents. These were Market Master Analyser, Zaman Syndicate, Sultan Associates, AJ Trade International, International Product Palace, and Anwara Trade International. New loans were taken in their names, which were then used to clear the previous debts. Even now, S Alam Group reportedly owes Nabil Group Tk 130 crore.
Banking experts are now asking how an employee's fake company dealings can be blamed on their employer.
One bank official, speaking anonymously, said, "An employee's liability should never be imposed on the employer. Moreover, the bank officials responsible for approving these loans without proper checks must also be held accountable. It seems that since the main culprit, S Alam, is beyond reach, attempts are being made to pin the blame elsewhere."
When asked, Islami Bank's Deputy Managing Director, Md __, said, "The previous management may not have strictly followed procedures due to a lack of awareness."
In response, Nabil Group of Industries Managing Director Aminul Islam said, "Nabil Group has been working with Islami Bank and other banks for years without any issues. The claim regarding six companies' loans is not accurate. These companies are not ours. Only the bank authorities know how these loans were granted and under whose names. Linking Nabil Group to this is unfair."