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Court Punishes Hallmark Group

Sonali Bank to get 38.34 acres of mortgaged land

Published : Monday, 23 November, 2020 at 12:00 AM  Count : 382
Business Correspondent

A Dhaka Court in a judgment on Sunday asked Hallmark Group to handover a mortgaged over 38.34 acres land to Sonali Bank for failing to repay bank loan and its interest against one of its subsidiaries.
The business group's managing director Tanvir Ahmed and chairman Jasmine Akhter took the loan from Sonali Bank against land mortgage for Hallmark Fashion. The amount spilled over to Tk 5.87 billion while the borrower didn't repay.
This is part of the scandalous Hallmark money laundering case of around Tk 4.400 crore using fake project documents and trade bills. Many      players had hands behind it. The scandal became public in 2010 and Anti-Corruption Commission sued the group in 2012.
There have been numerous cases in the courts against the group to recover funds. Sonali Bank filed a case against the Hall Mark Fashion in 22018 to recover its loan for Hallmark Fashion.
Judge Jahangir Hossain of the Dhaka Ortho Rin Adalat (loan court) after long hearing granted ownership rights and possession of 38.34 acre of land to Sonali Bank though it was earlier taken over by the government .  
Sonali Bank's panel lawyer Jahangir Hossain confirmed the development to the the Daily Observer Sunday.
He said Hallmark managing director and chairman had taken a loan from Sonali Bank mortgaging their property. We filed a case in the court on January 1, 2018 as they did not repay the loan.
Then on November 13, 2019, the lawyer said he had applied for seizure of 3,634 acres of Hallmark land in default of loan repayment. The court handed over the ownership and possession of part of the Hallmark land to Sonali Bank against the loan.

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