Eastern Bank PLC has officially seized a luxury residence in the Banani area of Dhaka due to a defaulted loan linked to publicly listed company SS Steel Limited. The bank confirmed the move in a formal public notice issued on Thursday, 19 March, providing detailed information about the property, including its type, location, and accompanying images—details rarely shared in such official communications.
According to the notice, the seizure was executed under a court order to recover outstanding dues owed by SS Steel Limited. The property is currently under the bank’s direct control, and any form of transaction, transfer, or sale is strictly prohibited and punishable by law.
On social media, particularly on the Facebook page Analysis With Akm, the property has been associated with Javed Apgenhafen. Posts claim that he is involved with two other listed companies—Fu-Wang Ceramic and Generation Next—and describe him as a “controversial figure” within the stock market. Allegations circulating online link him to market manipulation, financial misconduct, and other irregularities.
The same posts have drawn attention to Javed’s reportedly extravagant wedding held in 2023 in Paris, France, estimated to have cost around €25 million (approximately BDT 270 crore). The wedding reportedly took place at high-profile venues such as the Opéra Garnier and Parc de Bagatelle, attended by domestic and international elites. Additionally, Javed’s family is said to maintain connections within high-level diplomatic circles. It is important to note that these claims have not been independently verified.
Eastern Bank’s official notice, meanwhile, focuses solely on the loan, the property, and legal proceedings, without mentioning personal identities or unverified allegations. As of now, neither SS Steel Limited nor Javed Apgenhafen have issued any comments regarding the property seizure.
The table below summarises the current status of the seized property and associated companies:
| Serial | Company/Individual | Property Location | Loan Type | Bank Notice Date | Current Status |
|---|---|---|---|---|---|
| 1 | SS Steel Limited | Banani, Dhaka | Defaulted Loan | 19 March 2026 | Under Bank Control |
| 2 | Fu-Wang Ceramic | – | – | – | – |
| 3 | Generation Next | – | – | – | – |
The incident has sparked renewed discussion within the capital’s financial and stock market circles regarding defaulted loans, property seizures, and legal accountability. Combined with claims circulating on social media about opulent lifestyles and high-profile personalities, the seizure has become one of the more closely watched and talked-about events in Dhaka’s recent corporate landscape.