Embezzling Tk 183cr: Arrest warrant issued against 5 owners of Elias Brothers
A Chattogram court today issued arrest warrants against five owners of Messrs Elias Brothers (MEB) Group in a case filed over embezzling Tk 183.03 crore from National Bank Limited Khatunganj branch.
Chattogram Money Loan Court Magistrate Mujahidur Rahman issued the order asking local police station to arrest the accused and produce them before court.
The people facing arrest warrants are MEB Group Managing Director Mohammad Shamsul Alam, MEB Chairman Nurul Absar, Directors Mohammad Nurul Alam, Kamrun Nahar Begum who is also the wife of Shamsul Alam, and Tahmina Begum, who is the wife of Nurul Absar.
Bench Assistant of the court Rezaul Karim told The Daily Star, "MEB Group took out Tk 137 crore in loans from the bank but did not repay the loan despite several notices issued by the bank authorities. Today, the Money Loan Court gave an order in favour of the bank and instructed the local police station to arrest the accused and produce them in court."
According to the Chattogram Money Loan Court, in 2012 the bank authorities moved to the Chattogram Money Loan Court seeking loan recovery from the MEB Group.
MEB now has a debt burden of thousands of crores of taka from a dozen banks. Almost all of its loans are now in default.