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.

Justice Mujahidur Rahman of the Chattogram Artha Rin Adalat (financial loans court) issued the order in response to a case filed by Uttara Bank over 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 Tk 72 million in 2020. In 2010, Saad Musa Fabrics took the loan from Lal branch Dighi of Uttara Bank. as working capital.

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

On November 10, 2022, the court issued its verdict on the case, ordering the loan to be repaid within 60 days with an interest rate of 12% accrued during the trial. However, as the loan was not repaid within the stipulated time, on November 8, 2023, the bank filed an enforcement case against the directors of the company for an amount of Tk 105.15 million.

During the execution process, the company’s bosses requested multiple extensions to pay the installments, but ultimately did not make the payments. Consequently, the court issued a civil detention order against him for five months.

According to information from the court and creditor banks, the Saad Musa Group has outstanding loans totaling at least Tk 3.5 billion with various banks. Of these, Tk300 million with Mutual Trust Bank, Tk120 million with Pubali Bank, Tk100 million with Agrani Bank, Tk400 million with Standard Bank and Tk500 million with National Bank.

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