SA Group MD remanded
A Chattogram court yesterday placed Shahabuddin Alam, managing director (MD) of SA Group and director of Mercantile Bank, on two days' remand over allegation of swindling National Bank Limited out of Tk 105 crore.
The remand order was issued against the Chattogram-based businessman in a case filed with Double Mooring Police Station in 2016.
Khairul Amin of Chattogram Metropolitan Magistrate's Court passed the order after police produced Shahbuddin before the court with a five-day remand prayer, said Kazi Shahbuddin Ahmed, CMP assistant commissioner.
The investigation officer of the case, Sub-inspector Kaisar Hamid, said the case was filed in 2016 by Nizam Ahmed, then manager of National Bank's Agrabad branch.
On October 17, CID arrested Shahbuddin in Dhaka. Accusations against him include illegal transfers of mortgaged assets, forgery of import documents and signatures of bank officials, issuing cheques with insufficient funds.
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