MD of Elias Brothers, two others jailed for loan default
The court has also issued arrest warrants against all three fugitive accused
A Chattogram court has sentenced three high-ups of Messrs Elias Brothers, including its Managing Director and Chairman, to five months in prison for defaulting on a loan of Tk668 crore.
Judge Mujahidur Rahman of the Chattogram Money Loan Court on Tuesday issued the order against – Elias Brothers' MD Shamsul Alam, Chairman Nurul Absar, and Director Nurul Alam based on a case filed by the Agrani Bank in 2012.
Court bench assistant Rezaul Karim told The Business Standard that the court has sentenced three owners of Elias Brothers Ltd to five months in jail in the loan default case.
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The court has also issued arrest warrants against them, he added.
According to court sources, in 2012, the Agrani Bank's Agrabad Corporate branch filed a case with Chattogram Money Loan Court to realise Tk378.33 crore from the defaulters and obtained a court decree in that regard.
The Bank filed an Artha Jari case to execute the decree in 2015 for the realisation of the decreed amount along with interest. Then in 2016, the bank filed a petition, seeking an arrest order against the said debtors.
After hearing both parties, the court gave 20-days time to the accused to pay back the loan.
However, the accused filed a writ in the High Court against that order.
On 6 June 2017, the High Court initially adjourned the case for six months and later extended it for one year. After that, the court did not get any further stay order in the case from the HC.
Later, the bank filed a petition, seeking an arrest order against the debtors, to realise Tk668 crore (the decreed amount along with interest) from them.
