Court imposes travel ban on 11 S Alam Group officials in Tk731 crore loan default case
Court documents reveal that the accused allegedly secured large loans from the bank but failed to repay the amounts
A Chattogram court has imposed a travel ban on 11 individuals, including Mohammad Saiful Alam, chairman of S Alam Group, in connection with a loan default case involving Tk731.63 crore from the Pahartali Branch of Islami Bank Bangladesh Limited (IBBL).
The order was issued today (10 July) by Judge Md Helal Uddin of Chattogram's Money Loan Court-1, confirmed Mohammad Ershad, the court's bench assistant, to The Business Standard.
According to the case filed with the financial court in Chattogram, the accused include current and former directors of Unitex Steel Mills Limited, among others.
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Those barred from leaving the country are - Mohammad Saiful Alam, chairman, S Alam Group, Abdus Samad, Mohammad Abdullah Hasan, Osman Gani, and Md Rashedul Alam, directors of the company, Maimuna Khanam, former managing director, Unitex Steel Mills, Mohammad Shahidullah Kaiser, current managing director, Unitex Steel Mills, Mohammad Hanif Chowdhury, chairman, Unitex Group, Md Mohaimenul Islam Chowdhury, director, Unitex Group, Belal Ahmed, former director, Unitex Group, and Ahsanul Alam, son of S Alam Group Chairman Mohammad Saiful Alam.
Court documents reveal that the accused allegedly secured large loans from the bank but failed to repay the amounts.
Fearing they may flee the country without settling the dues, the bank filed a petition seeking restrictions on their foreign travel.
The petition argued that several corrupt businessmen in the country had previously fled abroad, leaving behind massive unpaid debts.
Consequently, the court was requested to impose a travel ban on the accused, seize their passports, and prevent them from leaving Bangladesh without court permission.
