Police are searching for five current and former senior officials of Pacific Bangladesh Telecom Limited (PBTL), the operator of the defunct Citycell brand, over a Tk135.32 crore loan recovery case brought by Mutual Trust Bank (MTB).
The search follows arrest warrants issued by a Dhaka court against PBTL CEO Mehboob Chowdhury, directors Md Morshed Khan, Nasreen Khan and Asghar Karim, and acting Chief Financial Officer Md Farikul Hasan, who is also named as a guarantor.
Gulshan police visited Asghar Karim’s residence on 2 November to execute the warrant but could not find him. A caretaker told the team he was not at home.
Police are continuing their search, with efforts under way to comply with the court’s order by 18 November, according to the information provided by MTB.
The warrants stem from a long-running loan recovery case.
MTB filed a suit against PBTL and 11 other defendants on 5 July 2018, including foreign equity partners and corporate guarantors Sing Tel Asia Pacific Investment Pvt Ltd, Far East Telecom Ltd and Pacific Motors Ltd.
Artha Rin Adalat No 7 in Dhaka ruled in favour of the bank on 13 May 2026.
After PBTL failed to pay the decretal amount within the stipulated period, MTB filed an execution case on 27 July seeking recovery of Tk135.32 crore, including interest and litigation costs.
The warrants were issued under Section 34(1) of the Artha Rin Adalat Ain, 2003.
Morshed Khan, one of the directors named in the warrants, is identified in the bank’s statement as Citycell’s founder and former chairman and a former foreign minister.
