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SA Group MD remanded for 2 days over loan frauds
DHAKA, Oct 21, 2018 (BSS) – The Chattogram Chief Metropolitan Magistrate Court today put Managing Director of Chattogram-based SA Group and director of Mercantile Bank M Shahabuddin Alam on two days remand in a case lodged over for loan scams.
CMM Abu Salem Mohammad Noman passed the order as the investigating officer prayed for putting Alam on seven days remand, Advocate M Arif Uddin, who is moving the case for Bank Asia Limited, told BSS.
SA Group is one of the largest loan defaulters of the country, allegedly embezzled over Taka 3,000 crore from different banks and financial institutions, said a Bank Asia press release.
Alam has been facing dozens of criminal cases and civil suits under Artha Rin Adalat Ain filed by Bank Asia Limited and several other banks.
BSS/PR/KUC/KU/1855 HRS