An allegation has emerged that two entities under S Alam Group – Modern Properties Limited and Hasan Abasan Private Limited – have taken a Tk800 crore loan from a bank by showing 101.87 kathas of land belonging to the Chattogram Development Authority (CDA) in the South Agrabad area of Chattogram city as collateral.
It has been learned that in 2004, the CDA leased these three plots in a residential area to these two companies for the construction of multi-storied residential buildings. However, even after the stipulated time, no residential buildings were constructed. Instead, commercial establishments, including supermarkets, vehicle garages, and car washing centres were built on the plots.
Subsequently, the aforementioned two companies used these lands as collateral to secure a loan of approximately Tk800 crore taka from Janata Bank, Chowmuhani branch.
Based on complaints from local residents, the Anti-Corruption Commission (ACC) conducted a raid at the CDA headquarters on Wednesday morning. The raid was carried out by a team led by ACC Deputy Assistant Director Hamed Reza.
After the raid, Hamed Reza told TIMES of Bangladesh, “Lease-related documents for the three plots were found in the CDA records. However, the documents make no mention of any field or open space for the public. We are investigating why no residential buildings were constructed there over all these years. At the same time, how a loan was taken using these plots as collateral from Sonali Bank will also be included in the investigation.”
Meanwhile, residents of the South Agrabad ward have demanded that the spaces seized under the guise of a lease must be opened to the public as playing fields, adding that the commercial structures be removed and those responsible investigated for corruption.
Previously, on 4 September, a memorandum was submitted on behalf of South Agrabad residents to the Sports Adviser via the District Commissioner, demanding the area be freed from occupation and made suitable for sports. They alleged that due to nearly two decades of occupation, children and adolescents in the area no longer have any space left for sports and recreation.
