A Dhaka court Tuesday issued arrest warrant against Paradise Group Chairman Mosharraf Hossain, Managing Director Majibar Rahman and three directors in a cheque dishonor case.
Sources said, two companies- Paradise Spinning Mill and Paradise Cables- under the group have not repaid Tk200 crore loan to AB Bank.
For realization of the loan money, the bank organised two auctions on June 25 and July 23.
They also filed a cheque dishonor case under Negotiable Instrument Act with the Artho Rin Adalat (Money Loan Court) against the company high ups on June 21.
Police were raiding Gulshan residences of the chairman and MD on Tuesday night, said AB Bank source.