Take action: central bank to ACC

Bangladesh Bank has asked the ACC to investigate and take legal action against corruption and loan frauds that took place under the former board of BASIC Bank.

Staff Correspondentbdnews24.com
Published : 15 July 2014, 03:47 PM
Updated : 15 July 2014, 03:47 PM

A letter was sent to ACC from the central bank, with the investigation reports on BASIC Bank’s Gulshan and Dilkusha branches and a monitoring report on the irregularities of the board’s meetings.

The monitoring report is 47 pages long.

The letter, sent by central bank’s Financial Integrity and Customer Services Department General Manager Saiful Islam, says the bank in July last year sent its investigation reports on BASIC Bank’s Gulshan, Dilkusha and Shantinagar branches at ACC’s request, but was not aware whether ACC took any actions afterwards.

“Later we uncovered several other severe irregularities and suspicious transactions at the Gulshan and Dilkusha branches. Also, Bangladesh Bank has prepared a monitoring report on the various irregularities in the meetings of the board of directors,” the letter said.
The letter requested ACC to take necessary legal actions and inform the central bank of any progress.
Bangladesh Bank also assured ACC of providing full support in its investigations.
After the central bank found loan frauds worth Tk 40 billion upon inspection at the three BASIC Bank branches, Managing Director Kazi Faqurul Islam was removed on May 25.
The central bank then asked the finance ministry to immediately dissolve the board.
Bank Chairman Sheikh Abdul Hai Bachchu resigned on July 2.
On July 6, the ministry issued a gazette dissolving the board and appointing a new chairman.