Court sentences S Alam to five months’ civil imprisonment over Tk 845 million default

Islamic Bank filed the case on Jan 20 this year

A Chattogram court has sentenced S Alam Group chairman Mohammed Saiful Alam and 10 others to five months of civil imprisonment for failing to repay a defaulted loan of around Tk 845 million owed to Islami Bank.

Judge Md Helal Uddin of the Chattogram Money Loan Court delivered the verdict on Thursday and ordered issuance of arrest warrants against the convicts.

Court bench assistant Md Ershad confirmed to bdnews24.com that warrants were issued against Saiful Alam and 10 others in a case filed by Islami Bank over non-payment of Tk 844.9 million in outstanding loans.

Saiful Alam, better known as S Alam, was named in several cases over allegations such as banking sector corruption and money laundering during the tenure of ousted Awami League government.

Orders have come from the court to freeze the bank accounts and seize the assets of Saiful Alam, his family members, and related individuals and entities.

Saiful Alam and his family members have not been seen in public since the fall of the Sheikh Hasina government in a mass uprising on Aug 5, 2024.

Meanwhile, reports have emerged that he has applied to renounce his citizenship.

In an application filed in court on Wednesday by Islami Bank against Saiful Alam -- who faces allegations of looting the bank after taking control of it -- and other defendants, the bank said that no immovable property was mortgaged against this loan.

Moreover, even after the decree was issued, no immovable or movable property owned by the judgment-debtors or defendants could be traced.

Ershad said, “As there was no other way to recover the loaned money, the bank authorities applied for civil imprisonment of the borrowers under Section 34 of the Money Loan Court Act, 2003.”

Islami Bank authorities filed the case in the Money Loan Court on Jan 20 this year due to the non-repayment of the loan.