Arrest warrant issued against Saad Musa Group MD, wife over loan default | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
June 12, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, JUNE 12, 2025
Arrest warrant issued against Saad Musa Group MD, wife over loan default

Bangladesh

TBS Report
05 November, 2024, 10:15 pm
Last modified: 05 November, 2024, 10:18 pm

Related News

  • Purbachal plot case: Court seeks progress report on Hasina, others’ arrest warrants by 18 May
  • Engage Interpol to issue arrest warrant against Saima Wazed, orders Dhaka court
  • Arrest warrant issued against Meher Afroz Shaon
  • Purbachal plot corruption: Arrest warrants issued against Hasina, Joy in two cases
  • Purbachal plot corruption: Arrest warrants issued for Hasina, Rehana, Tulip, Azmina

Arrest warrant issued against Saad Musa Group MD, wife over loan default

TBS Report
05 November, 2024, 10:15 pm
Last modified: 05 November, 2024, 10:18 pm
Representational image. Photo: Collected
Representational image. Photo: Collected

A court has issued an arrest warrant against Mohammad Mohsin, managing director of the Chattogram-based Saad Musa Group, and his wife, Shamima Nargis Chowdhury. 

Judge Mujahidur Rahman of the Chattogram Artha Rin Adalat (financial loan court) issued the order in response to a case filed by Uttara Bank regarding outstanding dues of Tk105 crore, court officials told TBS.

According to case documents, Uttara Bank filed a case against Saad Musa Fabrics, a subsidiary of Saad Musa Group, to recover outstanding dues of over Tk72 crore in 2020. In 2010, Saad Musa Fabrics took the loan from the Lal Dighi branch of Uttara Bank as working capital.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Mohsin is the managing director and his wife is a director of Saad Musa Fabrics. 

On 10 November 2022, the court issued its verdict on the case, ordering the loan to be repaid within 60 days with a 12% interest rate accrued during the trial. However, as the loan was not repaid within the stipulated time, on 8 November 2023, the bank filed an execution case against the heads of the company for an amount of Tk105.15 crore.

During the execution case proceedings, the heads of the company requested multiple extensions to repay the dues but ultimately failed to make the payments. Consequently, the court issued a civil detention order of five months against them.

According to information from the court and creditor banks, Saad Musa Group has outstanding loans totalling at least Tk3,500 crore with various banks. Of these, Tk300 crore with Mutual Trust Bank, Tk120 crore with Pubali Bank, Tk100 crore with Agrani Bank, Tk400 crore with Standard Bank, and Tk500 crore with National Bank.

Mohsin entered the business in 1982 and established several export-oriented garment enterprises. In the garment sector, he launched factories in knitting, fabrics, spinning, weaving, dyeing, printing, and finishing, building numerous facilities. Starting with just 20 workers, the company's workforce grew to 20,000 by 2015.

Arrest Warrant

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Saifuzzaman Chowdhury. Photo: Collected
    UK crime agency now freezes assets of ex-land minister Saifuzzaman: AJ
  • Chief Adviser Muhammad Yunus speaks at the Chatham House in London on 11 June 2025. Photo: CA Press Wing
    No desire to be part of next elected govt: CA Yunus
  • File photo of BNP Standing Committee Member Amir Khasru Mahmud Chowdhury. Photo: Collected
    Khasru flies to London ahead of Yunus-Tarique meeting

MOST VIEWED

  • Illustration: Duniya Jahan/ TBS
    Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon
  • A file photo of Bangladesh Bank Governor Dr Ahsan H Mansur. Photo: Collected
    'I have no relation with this': Ahsan Mansur debunks Joy’s allegations over daughter’s Dubai flat
  • Faiz Ahmad Tayeb. Photo: BSS
    Import duty on raw materials for e-bikes, lithium batteries reduced from 80% to 1% in some cases: Faiz Taiyeb
  • File photo of ex-prime minister Sheikh Hasina and her son Sajeeb Wazed Joy. Photo: Collected
    Joy spends Eid with Hasina in India: Indian media
  • Mercantile Bank withholds dividend amid Tk1,700cr provision shortfall
    Mercantile Bank withholds dividend amid Tk1,700cr provision shortfall
  • Shakil Ahmed. Photo: Collected
    DU student allegedly hangs himself following threats over old derogatory comment about Prophet on Facebook

Related News

  • Purbachal plot case: Court seeks progress report on Hasina, others’ arrest warrants by 18 May
  • Engage Interpol to issue arrest warrant against Saima Wazed, orders Dhaka court
  • Arrest warrant issued against Meher Afroz Shaon
  • Purbachal plot corruption: Arrest warrants issued against Hasina, Joy in two cases
  • Purbachal plot corruption: Arrest warrants issued for Hasina, Rehana, Tulip, Azmina

Features

Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

12h | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

1d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

2d | Features
Photo collage shows political posters in Bagerhat. Photos: Jannatul Naym Pieal

From Sheikh Dynasty to sibling rivalry: Bagerhat signals a turning tide in local politics

4d | Bangladesh

More Videos from TBS

Why is Omicron XBB more contagious?

Why is Omicron XBB more contagious?

8h | TBS Stories
What did Dr. Yunus say at the Chatham House Dialogue in London?

What did Dr. Yunus say at the Chatham House Dialogue in London?

9h | TBS Today
News of The Day, 11 JUNE 2025

News of The Day, 11 JUNE 2025

10h | TBS News of the day
WB predicts worst decade for global growth since 60s

WB predicts worst decade for global growth since 60s

12h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net