BASIC Bank chairman Sheikh Abdul Hye Bacchu has resigned in the wake of huge financial irregularities in the bank.
Finance Minister AMA Muhith confirmed to the Dhaka Tribune about the resignation on Saturday morning.
"Yes, he tendered his resignation on Friday," the finance minister said.
Bangladesh Bank investigations detected massive financial irregularities involving around Tk4,500 crore of loans in the bank’s three branches between 2009 and 2013.
The Gulshan branch alone lent more than Tk3,111 crore last year against its deposit of Tk695 crore only.
The loan-deposit ratio reached to a whooping 427%, meaning it has lent Tk427 against a deposit of Tk100.
The central bank two months ago fired BASIC Bank Managing Director Kazi Faqurul Islam for presiding over a period of serious irregularities at the state-run bank.