The Chittagong Money Lending Tribunal has banned the transfer of assets belonging to former Expatriate Welfare and Overseas Employment Minister Nurul Islam BSc and his wife Sanwara Begum.

The order was given in connection with loan default of around Taka 30.53 crore from Uttara Bank PLC.

The ruling was handed down yesterday (October 21) by Chittagong Money Loan Court Joint District Judge Mujahidur Rahman. Rezaul Karim, court assistant, confirmed the case.

Karim said that since the defendant had not mortgaged any real estate when taking out the loan, the court determined that it would be difficult to recover the substantial debt unless the transfer of their assets was restricted.

Earlier, on May 12, the court had also barred Nurul Islam’s four sons from leaving the country in connection with the same case.

The case was filed on behalf of Uttara Bank PLC against the Managing Director, Chairman and five directors of Sanwara Dairy Foods Ltd. and Unilac Sanwara (BD) Ltd., two family companies of Nurul Islam. Nurul Islam is listed as the fifth accused in the case. He was previously the Managing Director and is currently a Director of both organisations.

Nurul Islam was elected as the Member of Parliament from Chattogram-8 constituency in 2008. He also served as the technocrat Minister for Expatriate Welfare and Overseas Employment from 14 July 2015 to 6 November 2018.

His son Mujibur Rahman is the managing director of Sanwara Dairy Foods Ltd., while his other three sons hold senior positions in the company. The family business took a loan of Tk 30 crore from Uttara Bank in the name of Sanwara Dairy Foods Ltd., but no property was mortgaged from the bank. The loan was granted based on their personal guarantee and a trust receipt.