The High Court summoned 129 loan defaulters from International Leasing and Financial Services Limited (ILFSL), including Proshanta Kumar Halder known as PK Halder, ordering them to appear before it to present their plans to return around 1,800 crore Tk.

The defaults were asked to appear in person at 10:30 a.m. on May 24 and 25 to explain when they will have to repay the money they borrowed from ILFSL as a loan.

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The court said in the order, however, that they would be allowed to set up their payroll plan in installments so that they could gradually repay their contributions within a reasonable period of time.

The HC court of Judge Muhammad Khurshid Alam Sarkar issued the order on March 16 after holding a hearing on a petition filed by ILFSL with lists of people and entities, who took out the ILFS loan, asking for the necessary order.

The full text of HC’s order was released recently after the judge finished writing it and signed it.

During the hearing of the petition on March 16, ILFSL’s lawyer, Mr. Mahfuzur Rahman Milon, told the HC bench that the people and entities who had taken out loans from his client should be brought before this court. court by summons to assess the damage caused to the ILFSL, and if necessary, stop them – to recover the damage.

The lawyer also said that people and entities in default should be prosecuted for committing the criminal offense of cheating and embezzling public money or funds, that their bank accounts should be frozen and that they should be prohibited from transferring all kinds of movable and immovable property for the efficient disposal of the material.

Mahfuzur Rahman Milon requested the bench of the HC to place an order for the confiscation of their passports until the elimination of the case in question, according to the written order of the HC.

After the hearing, the CH also ordered defaulting lenders to show reasons why the Anti-Corruption Commission should not be ordered to prosecute them for embezzlement of public money / funds.

Mahfuzur Rahman Milon told the Daily Star that ILFSL has outstanding loans of approximately Tk 1,800 crore with these 129 borrowers.

Previously, the same HC bench summoned 286 loan defaulters from People’s Leasing and Financial Services Limited (PLFS), another non-bank financial institution, which is in the process of liquidation. As per the court order, 164 borrowers appeared in court on February 23, 25 and March 9 of this year. But 122 borrowers did not show up.

Then the CH imposed a travel ban on the 122 PLFS borrowers because they did not comply with the court order.

The court asked law enforcement agencies to remain vigilant and vigilant so that the 122 borrowers, who did not appear in court, do not leave the territory of Bangladesh until further notice.

Following a petition filed by seven ILFSL depositors, the HC imposed on January 19, 2020 a ban on leaving the country for 20 people, including all current shareholder-directors and senior ILFSL executives.

Former company director PK Halder and some of his cohorts embezzled a huge amount of money from the company.

Halder is accused of embezzling and laundering a huge amount of public money from certain non-bank financial institutions (NBFIs). He fled the country on October 23, 2019.

Halder, who now remains in Toronto, is the director of P&L Hal Holding Inc, a Canadian company, according to Canadian media.

It came into the limelight during anti-casino campaigns in the country in 2019. The ACC had opened an investigation into the involvement of 43 people, including Halder, in the illegal casino trade.