Bashundhara chairman sued for 'fraud' | The Daily Star
12:00 AM, December 19, 2011 / LAST MODIFIED: 12:00 AM, December 19, 2011

Bashundhara chairman sued for 'fraud'

A Dhaka court yesterday summoned the chairman and managing director of East West Properties Development Ltd, a concern of Bashundhara Group, and three others to appear before it on February 20 on fraud charges.
Metropolitan Magistrate Hasibul Haque passed the order hours after North South University Chairman Mohammad Shahjahan filed a case accusing four including Ahmed Akbar Sobhan Shah Alam, chairman and MD of the housing company, of embezzling Tk 2.63 crore.
The three other accused in the case are Sadat Sobhan, Shah Alam's son and one of the company's directors, Mahbub Morshed Hasan, vice-chairman, and Towhidul Islam, deputy managing director.
In the case statement, the plaintiff said he bought two plots, each of five kathas, from Baridhara project of the company in 2007 at company-fixed price of Tk 2.5 crore. Following the plots' registration in February, 2008, walls were built around them.
Meanwhile, Shah Alam went into hiding to avoid arrest as the caretaker government took over the country's charge. Back home in 2008, he demanded an additional Tk 2 crore from the NSU chairman saying he would not hand over the plots otherwise, according to the complaint.
Shahjahan on October 16 this year went to the housing company to talk about the approval of Rajdhani Unnayan Kartripakkha required for construction on the plots. But the company told him that there were no plots in his name. On November 30, the company refused to hand over the property or even give back the paid money and told him he could only get the plots by paying the additional amount, Shahjahan alleged.
Habibur Rahman Shawkat appeared for the complainant.
Earlier on March 20 this year, Shah Alam was sent to jail in connection with two cases in which he had been sentenced to ten years imprisonment in absentia.
The cases--one for tax evasion and the other under the Foreign Currency Control Act--were filed against him during the last caretaker government rule.
Later, he obtained bail from the High Court.

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