State-owned Janata Bank has put up for auction the land of S Alam Sugar Refine Industry Limited, a company of S Alam Group.

The bank owes Tk 1,777 crore to S Alam Sugar Refine Industry Limited. This loan is in the General Insurance Corporate Branch of Chittagong. 2,971 percent of the land is being auctioned due to that loan. Janata Bank has announced the auction of this land in a notification.
It is learned that almost all of the S Alam Group's loans of Tk 10,000 crore taken from Janata Bank have defaulted. As a result, Janata Bank is auctioning the land mortgaged against each loan one by one. According to the banking law, the land will be auctioned first, otherwise the money will be withdrawn through another process.

Earlier, Janata Bank had auctioned the land of S Alam Group to recover defaulted loans. On November 20, 1,860 percent of the land was auctioned to recover defaulted loans of Tk 1,850 crore. This money was unpaid by the group's subsidiary, Global Trading Corporation Limited. This loan was taken from the General Insurance Bhaban Corporate Branch of Janata Bank in Chittagong. The auction was called at that branch.
According to Janata Bank sources, S Alam Group has been a customer of Janata Bank since 2004. The group has taken more than 80 percent of the loan given by the bank's Sadharan Bima Bhaban Corporate Branch in Chittagong. The bank has mortgaged land and buildings worth Tk 2,749 crore against the loan of Tk 10,100 crore. This means that Janata Bank will not be able to raise money even by selling these lands and buildings.