Arrest warrants issued against Citycell high-ups over loan default

A Dhaka court has issued arrest warrants against the chief executive officer (CEO), acting chief financial officer (CFO) and three directors of Pacific Bangladesh Telecom Limited (PBTL), brand name Citycell, in a case filed by Mutual Trust Bank PLC (MTB) over a loan default involving around Tk68 crore.

Judge Md Farid Uddin of the Dhaka Money Loan Court-7 issued the warrants on Wednesday and directed the authorities concerned to submit an execution report by 18 November, court sources confirmed on Thursday.

The five facing arrest warrants are PBTL CEO Mehboob Chowdhury, acting CFO Md Farikul Hasan, and directors Md Morshed, Asghar Karim and Nasreen Khan.

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According to case documents, PBTL, as the principal borrower and corporate guarantor, had availed itself of various loan facilities from MTB. MTB filed a case with the Money Loan Court on 5 July 2018, claiming Tk68.76 crore in dues, as the company had failed to repay the loans within the stipulated time.

Later, on 13 May this year, the court delivered a judgment and decree in favour of the bank. Subsequently, MTB filed an execution case on 27 July seeking enforcement of the decree and recovery of the outstanding amount.

During the execution proceedings, the bank applied for arrest warrants against the concerned persons, alleging that they had failed to comply with the court's judgment and decree. The court later allowed the application and issued arrest warrants against the five persons.