Tk141cr default: Court issues arrest warrant against ex-NCC Bank director; orders seizure of bank shares

A Chattogram court has issued arrest warrants against former NCC Bank director Ali Imam and his parents in a case filed over defaulting Tk141 crore.

The Chattogram Money Loan Court on Tuesday (17 October) also ordered authorities concerned to confiscate all NCC Bank shares owned by Imam.

Judge Mujahidur Rahman issued the order after a hearing on the case filed by the bank.

Ali Imam and his parents also own the Chattogram-based industrial conglomerate Imam Group. 

His father Mohammad Ali is the managing director of the group while Imam and his mother Zebunnesa hold the positions of directors.

Rezaul Karim, bench assistant of the loan court, said, following a plea by the NCC Bank, the court issued the arrest warrant against the top officials of Imam Group.

According to the court documents, in 2012, NCC Bank filed a case with the court against top officials of Imam Group for recovery of Tk141 crore defaulted loan. 

Following the court's verdict in favour of the bank, an execution case is now going on to retrieve the money.

The court had ordered the accused defaulters to submit their passports, but they are yet to comply.

Court documents reveal that Mohammad Ali has been absconding since trial and staying in the United Arab Emirates since mid-2019 after being convicted in several civil and criminal cases.

Moreover, some Tk800 crore of 15 banks and financial institutions of the country is stuck in various organisations owned by Mohammad. 

Most of those loans have been defaulted on.

So far, 60 cases have been filed against the Imam Group for loan defaulting and dishonoured cheques. 

Out of this, arrest warrants have been issued against the accused in 55 cases.

Mohammad was sentenced to two years in prison in more than 10 dishonoured cheque cases.

He took most of the loans during the 2000-2005 period. After failing to repay the loans, cases began to mount against him in around 2012-2013.