Staff reporter :
A long-abandoned plot in Chattogram’s Agrabad CDA residential area, unused for nearly 25 years, is now under investigation by the Anti-Corruption Commission (ACC).
The land, leased in 2004 to Modern Properties Ltd and Hasan Abashon Pvt Ltd for a residential project, was never developed. Instead, it was mortgaged to secure a bank loan under S Alam Trading, part of the S Alam Group.
During a Wednesday raid on the CDA office, ACC officials seized lease-related documents. Hamed Reza, sub-assistant director of the ACC’s Chattogram office, said the firms mortgaged 18 properties, including 101.87 kathas of CDA land, to obtain a Tk1,000 crore loan from Janata Bank, while the current outstanding loan exceeds Tk1,900 crore.
Investigators allege the leaseholders were effectively S Alam family fronts: Modern Properties Chairman Ahsanul Alam is S Alam Group Chairman Saiful Alam Masud’s elder son, and Hasan Abashon MD Abdullah Hasan is his younger brother.
ACC found commercial establishments operating on the land, in violation of the residential-use lease. “CDA knew of the misuse but took no action,” said Deputy Director Subel Ahmed.
The ACC is examining whether CDA officials were negligent or complicit and plans to submit a detailed report for further legal action. Hasan Abashon has already defaulted on its loan, and investigators are tracing how the mortgaged land funds were used by S Alam Trading.
This adds to ongoing scrutiny of S Alam Group, long accused of using political connections to secure large loans and control financial institutions.
