Daily Shangu editor arrested over cheque fraud, default loan tied to S Alam's influence
Kabir took Tk7.5cr loan in 2014, which has now grown to Tk17cr
Police in Chattogram have arrested Kabir Hossain Siddiqui, editor of The Daily Shangu, in connection with multiple cheque fraud cases.
Siddiqui was arrested Friday (13 December) afternoon from the BRTC Phalmondi area in the city, confirmed Kotwali Police Station Inspector (Investigation) Md Ashraf.
"Kabir Hossain Siddiqui had four arrest warrants issued under the Negotiable Instruments Act for cheque fraud. Further legal actions are underway," said Ashraf.
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Siddiqui took a loan of Tk7.5 crore from the First Security Islami Bank's Chawkbazar branch in 2014, which has now grown to Tk17 crore, including interest, branch officials said.
They said Siddiqui received the loan under the influence of Saiful Alam, the owner of S Alam Group and the bank's former chairman.
Some hilly land in Bandarban was presented as collateral for the loan, valued at a maximum of Tk10 lakh.
On 21 November, officials of the branch held a sit-in programme in front of The Daily Shangu's office in Chattogram's Momin Road area to recover defaulted loans.
Despite multiple legal notices, in-person visits, and telephone reminders, Kabir made no effort to repay the loan, the officials said.
Subsequently, the bank filed four cases of cheque fraud, leading to the arrest warrants against him.
