Allegations of loans obtained through paper-based companies and relatives; Agrani Bank files 10 cases as state-owned lenders struggle to recover dues The Sattar Group has accumulated approximately Tk 10,550 crore in defaulted loans owed to state-owned Agrani Bank and Rupali Bank. Allegations have surfaced that the group obtained substantial loans through irregularities involving paper-based companies and businesses registered in the names of relatives. Despite prolonged efforts to recover the outstanding amounts, both banks have struggled to make significant progress. Agrani Bank has filed 10 cases with the Artha Rin Adalat (Money Loan Court) to recover its dues, while Rupali Bank has also initiated legal proceedings.

Lokman Mollah, a resident of College Road in Madaripur town, is locally known as a businessman and social worker. His hospital, community centre, jute warehouses and charitable contributions have earned him a reputation as a philanthropist among many residents. However, serious allegations of loan default involving the Sattar Group, which he is reported to control, have raised questions about its financial dealings with state-owned banks.

Loans Allegedly Obtained Through Paper-Based Companies
According to allegations, substantial loans were obtained through several companies associated with Lokman Mollah. These include Sattar Jute and Fibres, Sattar Trading Company, Seven Heaven, Stair Trading International, SLG Best, SLG Unique and Spanistar Limited, among others.

Investigations have raised questions about the actual business operations, assets and financial capacity of several of these entities. Allegations suggest that some companies presented themselves as large, established businesses in official documents to secure loans, despite questions about their actual existence and commercial activities. The offices of several companies reportedly could not be located at the addresses provided to banks in Motijheel, Dhaka.

Relatives Named as Company Directors
There are also allegations that relatives were appointed as chairmen and directors of various companies involved in the loan transactions. Bacchu Howlader, a neighbour and cousin of Lokman Mollah, was reportedly named chairman of multiple companies. However, his family claims that although his name appears in official documents as chairman, he has no actual ownership or control over those businesses.

The names of Lokman Mollah's wife, father-in-law and nephew, Nur-e-Alam Rana, have also reportedly appeared in shareholding and directorial records of various companies. Whether these arrangements were used to conceal the actual ownership and control of the businesses or shift loan liabilities onto relatives requires further investigation.

Banks Face Tk 10,550 Crore in Outstanding Loans
Cases filed by Agrani Bank reportedly cite outstanding dues of approximately Tk 6,650 crore. Rupali Bank is also owed several hundred crore taka in defaulted loans by the Sattar Group. The combined outstanding amount owed to the two banks is estimated at approximately Tk 10,550 crore.

According to banking sources, the group was offered an opportunity to reschedule its loans but did not respond positively. The banks have consequently pursued legal action through the Artha Rin Adalat, seeking to recover the outstanding amounts through the sale of mortgaged assets and collateral.

Political Connections and Bank Officials Under Scrutiny
Local residents have alleged that Lokman Mollah has maintained his influence through political connections. He was previously known to be close to influential figures associated with the Awami League. More recently, he has reportedly used photographs with BNP leaders in posters and banners. However, any direct connection between these political associations and the approval of the loans remains to be independently established.

An Agrani Bank official said irregularities were detected during inspections of goods stored in warehouses associated with the Sattar Group. Following the findings, departmental action was reportedly taken against several bank officials.

The incident has raised questions about whether the borrowers' financial capacity, the valuation of collateral and the actual scale of their business operations were adequately verified before the loans were approved.

Agrani Bank Chairman Syed Abu Naser Bakhtiar Ahmed said the bank had continued its efforts to recover the group's outstanding loans. According to him, the group was given an opportunity to reschedule its loans in line with Bangladesh Bank's guidelines but failed to respond positively. The bank subsequently filed cases with the Artha Rin Adalat and plans to pursue the recovery of its dues through the seizure and sale of collateral in accordance with court orders.

Repeated attempts to contact Rupali Bank Managing Director Kazi Md. Wahidul Islam by telephone for comment were unsuccessful.

Lokman Mollah was also contacted several times by mobile phone and WhatsApp for his response to the allegations, but he did not respond.

Banking professionals warn that extending large loans without adequate due diligence poses serious risks to the banking sector. They stress the importance of an impartial investigation into the use of the borrowed funds, the actual ownership of the companies involved, the validity of the collateral and the role of bank officials in approving the loans.

Determining the veracity of the allegations and taking effective steps to recover public funds remain key priorities in the case.