N’ganj-2 Constituency: BNP candidate Azad has Tk 80 cr bad loan, fake mortgage, ‘scapegoat’ alleged
Special Correspondent:
Serious allegations of irregularities, fake mortgages, and forgery have been raised against BNP-nominated parliamentary candidate for the Narayanganj-2 constituency, Nazrul Islam Azad, centering on a loan of nearly Tk 80 crores takon from the state-owned BASIC Bank.
At the center of the allegations is a partnership firm named S & G Steel, in which the accused individual is listed in records as the managing partner.
Investigations reveal that, according to bank and land-related documents, the firm took a loan in 2010 from BASIC Bank’s Gulshan branch under the Secured Over Draft (SOD) facility with special approval from the bank’s board. It is alleged that, in approving the loan, banking rules, proper risk assessment, and verification of actual ownership of the property were not duly carried out.
The application states that a large portion of the land shown as mortgage against the loan was not actually owned by the firm or the accused individual. Disputes over the ownership of the land had long been pending before the Land Survey Tribunal. Despite this, the same land was presented to the bank as security for the loan.
Documents further mention that some properties were mortgaged in the names of sleeping partners and elderly relatives, many of whom were not actively involved in actual business decisions. The complaint describes this as a strategy of using them as ‘scapegoats.’
According to the complainant, while ordinary banking procedures usually take a long time, the loan was approved at the board level within just 27 days. The application also mentions the influential role of the then bank board of directors and references to political connections in this regard.
Currently, a large portion of the loan is reportedly classified as defaulted and under the ‘Bad and Loss’ category, according to documents. The outstanding amount, including interest, is alleged to be more than Tk 10 billion.
Meanwhile, information regarding cases and orders related to land ownership, mutation, and mortgage issues in the Dhaka Land Survey Tribunal and other courts has been attached to the application. In some instances, although decrees and judgments exist, the complainant claims that such information was not fully presented to the bank or was concealed.
Another highly sensitive aspect of the allegation is that despite such serious accusations of financial irregularities, the individual concerned is currently a nominated parliamentary candidate of a major political party. This has raised questions about political parties’ nomination processes, ethics, and financial transparency.
While preparing this report, it was not possible to obtain a statement from the accused Narayanganj-2 constituency parliamentary candidate Nazrul Islam Azad, despite attempts to contact him. Efforts were also made to obtain statements from the concerned bank officials, but no comments were immediately available. However, if statements from the relevant parties are received, they will be published.
Banking and legal experts say that if the allegations are true, this would be a major blow not just to a single bank or individual, but to the state-owned banking system as a whole. At the same time, they stress that a transparent and impartial investigation into such allegations is essential before contesting an election.
He was not available for his comments though message was sent to his Whatsapp number.