Ctg Correspondent:

A Chattogram court on Thursday (May 21) issued five-month civil imprisonment warrants against S Alam Group Chairman Mohammad Saiful Alam and 10 of his family members and associates in connection with a defaulted loan worth Tk84.49 crore from Islami Bank Bangladesh PLC.

Chattogram Money Loan Court-1 Judge Md Helal Uddin passed the order after hearing a petition filed by the bank under the Money Loan Court Act, 2003.

Confirming the matter, court Assistant Bench Officer Md Ershad told that the court issued the warrants after finding no effective way to recover the outstanding loan amount.

According to the bank’s application, no immovable property had been mortgaged against the loan, and no movable or immovable assets owned by the defendants could be traced even after the decree was issued.

The bank said it sought civil imprisonment under Section 34 of the Money Loan Court Act as there was no other effective mechanism to realise the money.

The court documents mentioned their present address as “S Alam House” in the Sugandha Residential Area under Panchlaish Police Station in Chattogram.

The application and affidavit on behalf of Islami Bank Bangladesh PLC’s Khatunganj Corporate Branch were filed by Senior Principal Officer Mohammad Didarul Alam Majumdar.

Advocate Rakibul Anwar represented the bank in the case.

After reviewing documents and hearing arguments, the court passed the final order issuing the five-month civil jail warrants against the defendants.