Ctg businessman faces Tk50cr loan fraud allegations across 8 banks

Chattogram-based businessman Hasanur Rashid Ripon is facing at least 20 cases involving Tk50 crore in loans he took by mortgaging the same pieces of lands to multiple banks.

These loans, supposedly taken for trading and importing goods, were meant to be repaid within a year but remain outstanding years later, the banks have alleged.

Upon investigating Hasanur's financial dealings, banks discovered a complex web of fraud where he allegedly mortgaged the same lands to multiple banks to secure these loans. The total amount involved, including accrued interest, is estimated to be over Tk50 crore.

The Business Standard has also found that one piece of land was mortgaged to at least four banks, while another had mortgages with three banks simultaneously.

This has led to disputes among banks when attempting to recover their dues by selling the mortgaged properties.

Bank officials and insiders suggest that such a scheme would not have been possible without the collusion of individuals within the banking sector.

Same land mortgaged to multiple banks 

In 2015, Hasanur, owner of M/S Bengal Trading and other enterprises, borrowed Tk15 crore from Padma Bank's Khatunganj branch. He used 36 decimal of land in Chattogram's Oxygen Mor (Bayazid mouza) and 19 decimal in Sitakunda's Uttar Salimpur mouza as collateral for the loan.

Despite the loan's one-year repayment term, Hasanur failed to make any payments. Consequently, the outstanding amount owed to Padma Bank has now escalated to approximately Tk25 crore.

In response, Padma Bank filed a cheque dishonour case in 2018 and a money loan case in 2020 to reclaim the funds.

During efforts to auction Hasanur's mortgaged property, IFIC Bank raised objections, citing their prior mortgage on the same 19 decimal of land in Sitakunda.

Investigations revealed that Hasanur had mortgaged this land to IFIC Bank and Dhaka Bank months before pledging it to Padma Bank. Furthermore, Hasanur had gifted the same land to his wife, Syed Fatema Nargis, in May 2012, with a registered deed finalised within four months.

Shafiul Azam, the lawyer representing Padma Bank, said, "This borrower has committed financial fraud against the bank. Consequently, we have filed criminal cases alongside the money loan and cheque cases."

Other banks defrauded 

In January 2015, Hasanur borrowed Tk1 crore from Dhaka Bank's New Market branch, using the 19 decimal of land in Sitakunda, as collateral. With accrued interest, the loan has now ballooned to Tk2.61 crore.

Mohammad Sirajul Islam, senior vice president and manager at Dhaka Bank's New Market branch, said that Hasanur renewed the loan in 2016 but began stalling when asked for the land tax receipt for the mortgaged property.

Suspecting irregularities, Dhaka Bank conducted an investigation at the land office, uncovering that Hasanur had transferred ownership of the land to his wife in 2012, three years before using it as collateral for a loan from Dhaka Bank in 2015.

Subsequent probes revealed that Hasanur had also secured loans by mortgaging the same land to several other banks both before and after his dealings with Dhaka Bank.

Dhaka Bank has consequently filed a criminal case against Hasanur for offences including loan defaults, cheque dishonour, and fraud.

According to the Money Loan Court and bank records, Quality Products borrowed money from IFIC Bank's Agrabad branch in 2008, with Hasanur listed as the beneficiary, guarantor, and mortgagor. His maternal uncle, Shamsul Alam, is listed as the establishment's owner.

The loan was secured against Hasanur's 19 shatak land in Sitakunda and 18 shatak land in Oxygen Mor.

Over fifteen years later, the outstanding debt to the bank now exceeds Tk9 crore, leading to a criminal case against Hasanur for failure to repay the loan, transferring the mortgaged property to his wife, and mortgaging it to other banks.

An IFIC Bank official said, "Hasanur was arrested on 13 April 2024, in our fraud case but was released on interim bail on 15 May."

Further investigations by The Business Standard revealed that Bengal Enterprise, owned by Hasanur, borrowed Tk1.75 crore from Shahjalal Islamic Bank's Wasa Mor branch in 2015, using the same 19 decimal land in Sitakunda as collateral.

As the loan remained unpaid, Shahjalal Bank filed a financial crime case against Hasanur in 2021, seeking to recover the outstanding amount of Tk3.5 crore.

Mortgaged land to three banks

Hasanur's fraudulent activities involving mortgaged land extend beyond Sitakunda to the 36 decimal plot in Oxygen Mor.

Investigations revealed that Hasanur had mortgaged 18 decimal of this land to IFIC Bank and another 18 decimal to Islami Bank before using the same land as collateral for a loan from Padma Bank.

According to Islami Bank, Hasanur's company, Hasan Enterprise, took a loan in 2012 from its Jubilee Road branch to import galvanised iron pipes and yarn. This loan was supposed to be repaid within a year but has not been repaid in over a decade. Hasanur now owes Islami Bank Tk4.14 crore.

Islami Bank has filed financial crime and cheque dishonour cases against Hasanur in their efforts to recover the loan.

During their investigation, Islami Bank discovered that the same 18 shatak land in Oxygen Mor, initially mortgaged with them, had later been mortgaged to Padma Bank by Hasanur. Islami Bank has subsequently filed a criminal case related to this incident.

South Bangla Agriculture and Commerce Bank's Nasirabad branch has also filed a case under the Money Loan Court and Negotiable Instruments (NI) Act against Bengal Enterprise, which borrowed from the bank in 2015. The current outstanding amount owed to the bank is now Tk4.62 crore.

Hasanur's latest legal entanglement involves Exim Bank. In 2016, Bengal Enterprise obtained a loan from the Dohazari branch by mortgaging a four-storey building in Sholokbahar area of the city.

However, the bank discovered that Hasanur had transferred ownership of the house to his wife before mortgaging it.

The bank now seeks to recover Tk1.60 crore from Hasanur through legal action under the Money Loan Court and NI Act.

Additionally, United Commercial Bank's Khatunganj branch has filed a money loan case to recover Tk11.63 lakh from Bengal Enterprise.

According to court and bank records, Hasanur faces at least 20 pending cases in eight different banks for charges including loan defaults, cheque dishonour, and fraud. His wife, Syed Fatema Nargis, is also named as a defendant in these cases.

No substantial business

According to bank officials and businessmen, Hasanur did not have a substantial business despite obtaining loans from various banks under the pretext of trading and importing goods.

At one point, he ventured into setting up a cotton mill in the Chaktai area of the city and engaged in business for a period.

In 2014-15, he attempted to import ghee and sunflower oil from Turkey. However, due to a lack of experience, he incurred losses from this sudden venture, leading to the closure of the cotton mill due to financial difficulties.

Efforts to contact Hasanur via his personal mobile phone and WhatsApp to inquire about the loan fraud allegations were unsuccessful.

In WhatsApp chats with TBS correspondent, he promised dates after dates when he would talk about the allegations against him but he did not, citing personal reasons.

Additionally, the address listed in the bank's records (44, Jubilee Road, TK Bhaban, Chattogram) did not correspond to any establishment associated with him.