A legal notice has been issued to Shakib Al Hasan's Agro Farm requesting the repayment of a loan amounting to Tk 4.13 crore

IFIC Bank has issued a legal notice to Shakib Al Hasan Agro Farm Ltd, owned by the former captain of the Bangladesh national cricket team, after two cheques from the company bounced. The notice demands the repayment of loans totaling Tk 4.13 crore within 30 days and was published last week through a newspaper advertisement under the Negotiable Instruments Act. 

In 2017, IFIC Bank provided a Tk 1 crore working capital loan to the agribusiness, followed by the approval of a Tk 1.5 crore term loan. The initial loan was later converted into a term loan facility, which was rescheduled to Tk 2.42 crore. Additionally, the previous term loan was rescheduled to Tk 95 lakh in 2023, as outlined in the legal notice. In September of this year, the company issued two separate account payee cheques totaling Tk 4.13 crore.

However, these cheques were dishonored on October 20 due to insufficient funds in the company's account at IFIC Bank.

The legal notice stated, "You have availed the financial facilities in full, but have failed to repay the outstanding dues as per the repayment terms outlined in the loan sanction letter… Due to your serious irregularity in repaying your outstanding liabilities, the dues have increased because of interest accumulation."

It further asserted, "It is evident that you have intentionally and with malicious intent issued the two cheques solely to evade repayment of the outstanding liabilities."

The notice emphasized that issuing a cheque without sufficient funds constitutes a clear breach of trust and is punishable under the law.

Attempts by The Daily Star to contact the renowned cricketer for updates on the dues went unanswered, both via messages and phone calls.

IFIC Bank's Managing Director, Syed Mansur Mustafa, also did not respond to requests for comment.

Shakib, who was previously affiliated with the Awami League, lost his parliamentary position after former Prime Minister Sheikh Hasina was ousted during a student-led uprising in early August. The veteran cricketer was outside Bangladesh during this political upheaval and chose not to return home afterward amid widespread protests.

Additionally, last month, the Bangladesh Securities and Exchange Commission (BSEC) fined Shakib Tk 50 lakh for manipulating the share price of Paramount Insurance in 2023. His e-commerce company, Monarch Mart, was also fined Tk 1 lakh in connection with the same case.