Restaurant owner owes First Security Islami Bank Tk234cr, now she plays victim

In 2015, Nilima Nil Agro Limited, a company based in Chattogram, obtained a Tk12 crore agricultural loan from the Chawkbazar branch of First Security Islami Bank (FSIB).

It was later revealed that a storekeeper of an upscale restaurant named La Aristocracy in Chattogram city was shown as the chairman and a female acquaintance of the restaurant owner was named the managing director of the company. And their signatures were forged to obtain the loans without their knowledge.

The restaurant owner, Nazmee Nowroz, used similar forgery tactics, using the names of a female bank peon and her husband to obtain additional loans from the same bank for another company, Nowroz Enterprise.

Highlights: TBS

Nazmee now owes three FSIB branches Tk234 crore.

La Aristocracy restaurant opened in 2008 and went out of business in March this year, after changing location three times. But it alone owes the bank Tk116 crore.

According to documents obtained by The Business Standard, the bank holds collateral worth only around Tk12 crore against the loan, leaving officials concerned about the prospects of recovery.

As her business interest ranges from fast food to farming, Nazmee ventured on more enterprises such as Nowroz Enterprise and Nilima Nil Agro Limited in shady partnerships, and found First Security Islami Bank as her financier.

Nowroz Enterprise now owes the bank Tk90.45 crore and Nilima Nil Agro Tk27.68 crore.

The loans were taken in tricky ways – incorporating partners with forged signatures and replacing those with others to embezzle the bank money, documents show.

Cheques she deposited against the loans were dishonoured, prompting the FSIB to file cases against her under Negotiable Instrument Act. Document of one such case filed by the FSIB's Probortok Mor branch with the chief metropolitan magistrate's court of Chattogram shows a cheque for Tk2 crore, issued by La Aristocracy, solely owned by Nazmee, was dishonoured for insufficient fund on 3 August last year.

Faced with more than a dozen such cheque dishonour cases, Nazmee now plays victim, alleging she was used as an instrument to take loans out of the bank and some "close relatives" of a top businessman from Chattogram were among the beneficiaries from the loans, leaving her alone with the loan burden.

Zia Habib Ahsan, the bank's lawyer, confirmed that First Security Islami Bank has already filed 15 cheque dishonour cases against Nazmee. She is currently out on bail after the court issued summons in these cases.

The managers of the bank's three branches declined to comment on matters related to the loans.

Mohammad Hafizur Rahman, Chattogram Zonal Head (North) of First Security Islami Bank, acknowledged significant irregularities throughout these loan processes. "We identified these irregularities, reported them to the head office, and initiated legal action," he said.

Behind the Aristocracy 

Nazmee Nowroz established La Aristocracy in partnership in 2008, located in CPDL Bhaban on SS Khaled Road in Chattogram.

According to bank documents, in 2011, after the other partners exited the business, Nazmee acquired their shares with a Tk2 crore loan from the Mohila branch of First Security Islami Bank.

Over time, she continued to take out additional loans in the name of expanding the restaurant's operations.

By 2019, La Aristocracy's total loan had reached Tk59 crore, which has subsequently increased to Tk116 crore including interests.

According to documents, the company secured the loan despite having an approved loan limit of only Tk1.5 crore.

As collateral for the loans, 199 decimals of land, reportedly valued at Tk9 crore, were pledged. Nazmee herself later admitted that the actual value of the land is much lower.

Starting from the CPDL Building on SS Khaled Road, Nazmee's La Aristocracy was relocated to Karnaphuli Tower on the same road in 2020 and then to the World Trade Centre Road in Agrabad in 2021. The restaurant has been completely shut since March this year.

Tricky ownerships 

In 2014, Nazmee Nowroz obtained a Tk43 crore loan for her company Nowroz Enterprise Limited from the Probortok Mor branch of First Security Islami Bank.

At the time, two relatives of a businessman having influence on the bank were listed as directors of the company, Nazmee claimed as TBS approached her for comments on loan frauds.

In 2017, they were replaced by a female peon at First Security's Mohila branch and her husband as directors, she said.

Currently, Nowroz Enterprise owes the Probortok Mor branch of the bank Tk90.45 crore. Against the loan, a flat and a piece of land were mortgaged. However, the combined value of these properties is estimated to be not more than Tk2 crore.

On the other hand, Nilima Nil Agro owes First Security Tk27.68 crore. To secure this loan, a 400-decimal agricultural land was mortgaged whose real value is estimated to be no more than Tk1 crore.

Nazmee admitted to TBS that signature forgery occurred in connection with this loan as well.

There are allegations that Nazmee Nowroz obtained a birth certificate from Bandarban, despite being a permanent resident of Fatikchhari, Chattogram, to facilitate the purchase of hilly land and secure agricultural loans.