Businessman's passport seized in Chattogram over defaulted loans

 
A court in Chattogram has seized the passport of a businessman named Rashed Murad Ibrahim over defaulted loans. Rashed Murad Ibrahim is Managing Director of MRF Trade House Limited. Travel ban has also been imposed on him. Basic Bank, Jubilee Road Branch, Chittagong filed a case against Rashed Murad Ibrahim after he defaulted a loan of 69.55 crore taka from Basic Bank.

The above company's Chairman M Kamal Uddin Chowdhury and Director Kaniz Farjana Rashed have been ordered by court to appear before the court on a later date with their passports.

Judge Mujahidur Rahman gave the above orders during a hearing of the case on 28 February. The case number is 426/2018 while the amount of the loan money defaulted is 69,55,67,022/-taka. The defendant of the case travels to Canada frequently and his wife lives in Canada. He took the above loan from Basic Bank Limited in 2010 but has not yet paid back.