Arrest warrant issued against five Elias Brothers directors in Tk668cr loan default case

The Chattogram Money Loan Court has issued arrest warrants against five directors of Messrs Elias Brothers Limited in connection with a Tk668 crore loan default case. 

The order was passed by Judge Mujahidur Rahman on Thursday (3 October), in a case filed by Agrani Bank Limited in 2012. 

The accused are Chairman Nurul Absar, Managing Director Mohammad Shamsul Alam, and Directors Nurul Alam, Joynab Begum, and Kamrunnahar Begum, the court's bench assistant Rezaul Karim confirmed the matter to The Business Standard.

According to court sources, Agrani Bank's Agrabad Corporate branch initially filed the case in 2012 with the Chattogram Money Loan Court to recover Tk378.33 crore from the defaulters and secured a court decree in that regard.

In 2015, the bank filed an Artha Jari case to enforce the decree, seeking the realisation of the decreed amount along with interest. The following year, in 2016, the bank petitioned for an arrest order against the debtors.

After hearing from both parties, the court gave the accused 20 days to repay the loan. However, the accused filed a writ petition in the High Court against the order. On June 6, 2017, the High Court initially stayed the case for six months and later extended the stay for one year. No further stay orders were issued by the High Court after that.

Subsequently, Agrani Bank filed another petition seeking an arrest order to recover Tk 668 crore, which includes the original decreed amount plus interest. On July 26, 2022, the court sentenced Elias Brothers' MD Shamsul Alam, Chairman Nurul Absar, and Director Nurul Alam to five months in prison. However, on August 29, 2022, a High Court bench stayed the sentence in response to a writ petition from the defendants.

On 24 April, 2024, the same High Court bench vacated the writ petition. Following this, the bank authorities filed an application on 25 May this year, seeking arrest warrants for the accused.