IFIC Bank has issued a formal notice to Shakib Al Hasan Agro Farm Ltd, an entity owned by its namesake and former captain of the Bangladesh national cricket team, after two checks issued by the company bounced.

The legal notice, which demanded repayment of loans amounting to Taka 4.13 crore within the next 30 days, was issued last week through a newspaper advertisement under the negotiable instruments.

In 2017, IFIC Bank lent Tk 1 crore as working capital to the agribusiness before approving another term loan of Tk 1.5 crore.

The original loan was converted into a term loan facility, which was rescheduled to Taka 2.42 crore. Besides, the previous term loan was rescheduled to Tk 95 lakh in 2023, according to the legal notices.

In September this year, the company issued two beneficiary checks to separate accounts, totaling Tk 4.13 crore.

However, these checks were dishonored on October 20 because the account the company had with IFIC bank was insufficient.

“You have taken full advantage of the financial facilities, but have failed to adjust the outstanding dues in accordance with the terms and conditions of repayment within the stipulated time frame as mentioned in the loan sanction letter…” the legal notice said.

“Due to your serious irregularity in repaying your unpaid debts, contributions have increased due to the application of interest.”

He added: “It is evident that you intentionally and with a dishonest motive issued the two checks solely to avoid repayment of outstanding debts.”

The notice highlights that issuing a check without sufficient funds constitutes a clear breach of trust and constitutes a punishable offence.

To inquire about the status of dues, the Daily Star sent several messages and called the country’s ace cricketer, but received no response.

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

Shakib, a former member of the Awami League, lost his MP post after former Prime Minister Sheikh Hasina was ousted in a mass student-led uprising in early August.

The veteran cricketer was not in Bangladesh during the political change and chose not to return home afterwards, amid outrage and protests.

Last month, the Bangladesh Securities and Exchange Commission (BSEC) fined Shakib Tk 50 lakh for manipulating Paramount Insurance’s 2023 share price.

Shakib’s e-commerce company Monarch Mart was fined Tk 1 lakh in the same case.