S Alam Group and its affiliates secured Tk 95,331 crore in loans from six banks between 2017 and June 2024, with 79% of the funds sourced from Islami Bank Bangladesh. This figure represents 5.78% of the total outstanding loans in Bangladesh’s banking sector as of March. Investigations reveal that many loans were granted by bypassing regulations, highlighting S Alam Group’s significant influence within the banking sector.
Notably, Tk 74,900 crore was borrowed from Islami Bank, including substantial sums from its branches in Chattogram and Rajshahi. Other banks involved include Janata Bank, Social Islami Bank, Union Bank, Global Islami Bank, and First Security Islami Bank, all linked to S Alam Group. The loans often exceeded permissible limits, with some granted under dubious conditions. In response, the central bank has now restricted the lending activities of these banks, excluding Janata Bank, to prevent further irregularities.
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