Ctg-based SA Gr chief held

Md Shahabuddin Alam, managing director of Chattogram-based SA Group was arrested on Wednesday for loan forgeries.

Shahabuddin has been facing several dozen criminal cases and civil suits under Money Loan Court Law (Artha Rin Adalat Ain) filed by Bank Asia Ltd and several other banks.

Ashraful Islam, inspector of the Criminal Investigation Department of Police, has confirmed that he has been arrested from Gulshan area in the city, according to a source of Bank Asia Ltd.

SA Group is one of the largest defaulters of the country with over Tk 30.00 billion loans borrowed from different banks and financial institutions.

He is the Chairman of S.A. Group of Industries which consists of Shamannaz Condensed Milk Ltd., Shamannaz Dairy & Food Products Ltd., S. A. Pulp & Paper Products Ltd., South Eastern Tank Terminal Ltd., South Eastern Oil Refinery Ltd., S.A. Consumer products Ltd., S.A. Salt Industries Ltd., S.A. Beverage Ltd., Sharija Cement Ltd., South Eastern Paper Mills, S.A Properties Ltd., S.A. Power Generation Ltd., S.A. Tank Terminal Ltd., Sarija Oil Refinery Limited and Managing Director of S.A. Oil Refinery Ltd., Samannaz Super Oils Ltd., Laila Vanaspati Products Ltd., S.A. Condensed Milk Ltd. and S.A. Telecom System Ltd.

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