Whose property AB putting up for auction

The state-run Agrani Bank has embroiled in another difficulty this time by disbursing loan before being sure about the ownership of the land.

The bank had approved a loan of Tk 115 crore three years back for a project of controversial Moon Group despite the group's failure to produce supportive documents.

Obtaining the loan, Moon Group’s affiliated entity Moon Bangladesh Limited constructed a 20-storey building on a piece of land of 52 decimal in close proximity of Kalyanpur Bus stoppage in the capital.

But the land on which the building was constructed was occupied illegally. A case was pending against the Moon Group chairman Mizanur Rahman in this connection, too.

The first information report (FIR) of the case read Mizanur Rahman illegally occupied a total of 120 decimal land of CS 555 under Mirpur Paikpara Mouza which includes the 52 decimal land, by means of forgery.

The owner of the land is Sheikh Md Joynal Abedin, his son and the attorney of the land Sheikh Md Abdul Ghani (who was given the power of attorney).

Moon Group chairman Mizanur Rahman had filed a case against the land owner Joynal Abedin.

But the court of the second joint district judge rejected the case filed by Mizanur Rahman, according to the documents obtained from the Bangladesh Bank.

The case that was filed against Mizanur Rahman is, however, still pending.

The owner of the land submitted all the documents relating to the case and documents of the lands in favour of his ownership to the Agrani Bank several years back.

But the Agrani Bank put up the building and the land on auction for selling them at Tk 132 crore on 20 August.

Asked whether the Agrani Bank can put up the property on auction against such a situation, lawyer Tanjib-ul Alam told Prothom Alo, the mortgage-ownership of the bank would not be established if the land against which the loan was approved to Mizanur Rahman is not owned by Mizanur. “Against this backdrop, it will be illegal if the bank wants to sell out the property.”

The case against Mizanur Rahman was filed in 2011. Before and after filing the case, Abdul Ghani filed seven general diaries (GDs) against Mizan with Mirpur model police station.

It was said in the GDs that whenever the land owners went to stop the construction work, Mizan and his men threatened them with life threat.

Ghani told Prothom Alo on Tuesday, “Mizanur Rahman has occupied our land with fake mutation documents of 1966 and fake deed papers of 1991. We have filed case with the court seeking remedy.”

He went on saying, “We could not stop the bank from giving loan to the Moon Group even by writing to Agrani Bank and Bangladesh Bank.”

Bangladesh Bank launched investigation into the matter in 2013. The investigation report said, “There is no original deed of the land. The name of the owner who used to own the land prior to Mizanur Rahman is not in the mutation documents, no security against the loan and even the building design is approved by the Rajdhani Unnayan Kartripakkha [capital city development authority.”

The investigation report further said, “The habit of Moon Group is not to repay the loan. Even after knowing all these things, the Agrani Bank was interested more to disburse the loan to the group."

On the basis of the report, the central bank in a letter in June 2014 held Agrani Bank managing director Syed Abdul Hamid and deputy managing director Mizanur Rahman Khan responsible for jeopardising a huge amount of public money.

The Bangladesh Bank said, “There have been many abnormal transactions in Moon Bangladesh’s name. Mizanur Rahman has shifted a huge amount of money to his personal account whereas the Agrani Bank did not inform the matter to anti-money-laundering unit of the central bank.”

Lawyer Tanjib-ul Alam said the very beginning of the process of loan disbursement was flawed. The Agrani officials are now trying to shirk their responsibility. They have set a unique example of plundering public money by disbursing loan before being sure about the ownership of the land.

As the Agrani Bank MD is appointed directly by the finance ministry, the Bangladesh Bank wrote thrice to the minister last May, June and July to take actions against the Agrani Bank MD and other bank officials responsible. 

In the letters, the central bank said an axis of bank led by the former manager of bank’s main branch, Mizanur Rahman Khan, in acknowledgment of the MD and his indirect approval put some Tk 300 crore of depositors at risk.

When this correspondent went to the Agrani Bank head office on Wednesday to take comments from the bank MD, Syed Abdul Hamid, he said, “I am so busy and not in a position to talk to you.”

Last Sunday, the bank’s DMD Mizanur Rahman told Prothom Alo, “We have put up the property of the Moon Bangladesh for auction to recover the money of the bank. Then we will go for litigation.”

Asked how the Moon Bangladesh got the loan as it was not even eligible to get the loan as it failed to submit necessary documents and asked whether the bank disbursed the loan knowing the very fact that it would not be able to get back the money, the DMD replied, “Is it possible?”

The then bank chairman Khandker Bazlul Haque could not be contacted over his cell phone.

Present chairman Zaid Bakht told Prothom Alo, “The property was put up for auction after examining the legal aspects.

The then member of board of directors, Golam Kibria, however, raised question. 

When contacted, Golam Kibria said, “At that time, all said in unison that the loan could be given to the Moon Group. But what do we see today? In fact, the details are not produced before the board of directors. Even after that I thought that the loan might not be possible to recover. I raised objections seven times in seven meeting in this regard and some of our colleagues had supported me as well. But I do not know exactly how the loan was disbursed later and under the influence of which unseen force.”

In response to the letter of the Bangladesh Bank, the finance ministry took no steps. On the contrary, the ministry promoted the bank manager Mizanur Rahman Khan to DMD of the bank and the tenure of Syed Abdul Hamid was extended thrice.

As an accused in other case, Moon Group’s Mizanur Rahman is now behind bars and currently staying in the prison cell at the BSMMU.

The Agrani Bank has also given Tk 49 crore loan to Moon International Printing Press and that was also put up for auction. The group owes over Tk 300 crore to the bank.

Moon Group’s Mizanur Rahman is a director of the South Bangla Agricultural Bank. But the bank’s board of directors has relived him of the post.