Dhaka, May 22 -- A Chattogram court has issued five-month civil imprisonment warrants against S Alam Group Chairman Mohammed Saiful Alam Masud and 10 of his family members and associates over Tk 0.8449 billion Islami Bank default loan.

The order was passed on Thursday by Judge Md Helal Uddin of Artha Rin Adalat-1, Chattogram, court officials confirmed.

According to the court, the loan was taken from the bank's Khatunganj Corporate branch and remained unpaid despite legal proceedings for recovery.

In its petition, the bank said no mortgaged immovable property had been kept against the loan.

It also said no movable or immovable assets belonging to the defendants could be traced even after a decree was issued in the case.

As no effectiv...