A court has issued arrest warrants against former president of Chittagong Chamber of Commerce and Industry Murshed Murad Ibrahim and his brother Rashed Murad Ibrahim in a loan default case.
Judge Mujahidur Rahman of Chattogram Money Loan Court issued the order today in response to a Tk8.79 crore loan default case filed by Social Islami Bank Ltd.
Rezaul Karim, bench assistant of the money loan court, said that in 2019, Social Islami Bank Ltd filed a case against the duo of Crystal Enterprise, claiming a defaulted loan of Tk5.94 crore.
Murshed Murad Ibrahim is the chairman of Crystal Group and his brother Rashed Murad Ibrahim is director of the group.
A ruling was made on this case on 10 September 2023, ordering the repayment of the loan along with interest within 60 days.
However, as the loan was not repaid within the specified timeframe, the bank filed the case in the same court on 30 November 2023, seeking the recovery of Tk 8.79 crore (including principal and interest).
The court noted in its order that there was no mortgaged property or collateral against this loan, making it impossible to initiate auction proceedings for debt settlement under the provisions of Section 33 of the law.
Although the borrowers requested extensions three times for repayment, no payment has been made to date.
Consequently, in response to the creditor bank’s application, the money loan court has issued an arrest warrant against the defaulters under Section 34 of the law.
The Crystal Group, engaged in various sectors including ready-made garments and fishing in Chattogram, has bank loans amounting to nearly Tk800 crore.
Instead of repaying these loans, Morshed Murad Ibrahim’s wife Mahjabin Murad has moved to London while Rashed Murad Ibrahim’s wife Kaniz Farzana has relocated to Canada.
Apart from Social Islamic Bank, two enterprises of Crystal Group — Crystal Steel and Ship Breaking Ltd and Crystal Sapphire — have outstanding debts of Tk262 crore to two branches of Basic Bank.
Also, Crystal Steel and Ship Breakers owe Tk114 crore to Rupali Bank, Tk76 crore to Padma Bank’s Gulshan and Khatunganj branches, Tk50 crore to Trust Bank’s Dilkusha branch, Tk13 crore to Al-Arafah Bank’s Nizam Road branch, Tk3 crore to City Bank’s Gulshan branch, and Tk15 crore to BD Finance.
