Selim syndicate vanishes embezzling over Tk 500cr from banks

Al Amin :
Banks and financial institutions are frustrated over failing to recover around Tk 500 crore from a family syndicate of Selim Chowdhury.
Bank officials said they would not be able to recover one-fourth of the disbursed loan by confiscating the mortgaged property and in fact, the syndicate will get relief from the loans, if they do this.
Under this circumstance, the authorities of the banks and financial institutions have expressed their frustration over failing to recover the loans.

They said several cases have been filed against Selim and the members of the syndicate in money loan courts and multiple arrest warrants were issued against them. But, the law enforcement agencies are being failed to arrest them due to unknown reasons.

It is learnt that Selim came to Dhaka and opened an office named Europa Travels and started manpower export business. Later, he started embezzling money by taking loans from various banks in the name of business expansion.
The syndicate includes Selim’s wife Nahid Chowdhury, two sons Shihab Hossain Chowdhury and Tisham Tamriz Chowdhury, his cousins Manjur Alam, Moshiur Rahman and Jihan Hossain Chowdhury.
They took loans from different banks and financial institutions in the name of their seven firms at different times.

Among the firms, Mahin Knitting Industries Ltd, Shihab Garments Ltd and Tisham Apparel took loans from Agrani Bank’s corporate branch at Tejgoan Industrial area and the loan with interest stood at over Tk 111 crore.
On the other hand, Selim’s cousin Monjur Alam’s firm named M/S Potato Flax BD Ltd took Tk 94 crore from the same branch of the bank and the total amount of loan claimed by the bank has stood over Tk 213 crores. But, he did not pay even a single Taka.

Agrani Bank is trying to recover this money. Senior officials of the Tejgaon branch of the bank said that they are continuing all kinds of legal battles to recover the money from the syndicate.
They also said that Selim was arrested in 2021 and he took bail on the condition of payment the money within the stipulated time and by giving a check of Tk 1 crore.
Latter, the court issued arrest warrant against him for violating the conditions and for not paying the money. But, the law enforcement agencies did not follow the court order due to unknown reason, the officials alleged.
“Even, police are not finding him, although Selim is going to office regularly. We have contacted with the deputy commissioner of police of the Gulshan Division,” an official of the bank said wishing anonymity for personal security reason.

“The bank will not be able to recover even one-fourth of the disbursed loan by confiscating the mortgaged property,” he said, adding, “Now we are frustrated.”
Basing on friendship, Salim bought 10 bigha lands from a businessman named Iqbal Haider Chowdhury by giving him a check worth Tk 17 crore but he did not pay the money.
Iqbal filed a case against Salim, his wife and two sons to recover the due money and the court banned them from leaving the country.

Showing the property as mortgage, Selim’s cousin Moshiur Rahman took loan worth Tk 15 crore from the then Reliance Leasing Company and left the country without paying the money.
Similarly, Selim’s another cousin Jihan took loans worth Tk 154 crore from the Chok Mogoltuli Branch of Islami Bank Bangladesh Ltd in two phases in the name of his company M/S Padma Agro Traders. Latte, authority of the branch filed a case against Jihan.
The branch Manager Zia Ullah told The New Nation, “Jihan took a loan of Tk 154 crore for business expansion. At present, the total amount owed to him by the bank including interest is more than Tk 200 crore. He gave a check of Tk 40 crore to Islami Bank in 2018 against the loan. But the check was rejected as there was no money in the account. A case is still pending.”
In 2017, Salim took a loan of Tk 67 crore from Trust Bank’s Dilkusha Corporate Branch as the chairman of Europa Beverage Limited. Primarily, he paid several installments of the loan but still Tk 59 crore is yet to be paid.
Trust Bank Managing Director Humaira Azam said, “Selim paid only a little portion of the disbursed loan. We have no alternative but to take legal action and we are doing this.”

Similarly, Selim took loan worth Tk 10 crore from the Dhanmodi Model Branch of Dhaka Bank in 2007 and the loan still remains unpaid. Latter, the bank filed case against him.
It is learnt that several arrest warrants have been issued against him and the members of the syndicate by different police stations including Gulshan, Kafrul and Banani but they are yet to be arrested due to unknown reason.
When contacted, Md Shahidullah, Deputy Commissioner of police of the Gulshan Division, said that they will take necessary steps after scrutinizing the arrest warrants.