• Thursday, Dec 09, 2021
  • Last Update : 03:33 am

Cabinet Division seeks progress of Union Bank investigation

  • Published at 08:26 pm October 21st, 2021
union-bank-gulshan
File photo of the Gulshan branch of Union Bank Limited Collected

The division has already sent a letter to the Financial Institutions Division (FID) of the Finance Ministry

The Cabinet Division wants to know the progress of the ongoing investigation into the discrepancy of Tk19 crore in Union Bank's vault. 

The division has already sent a letter to the Financial Institutions Division (FID) of the Finance Ministry. 

The letter is being forwarded to Bangladesh Bank (BB), which is in charge of the investigation.

Meanwhile, the FID and BB did not agree to inform the media until the investigation was completed. 

Asked about this, Sheikh Mohammad Salim Ullah, secretary of the Financial Institutions Division told Dhaka Tribune: “We are still dealing with it. There are no updates that can be reported.”


Also Read - Union Bank opens vault, gives 19C to client after hours


According to Finance Ministry sources, the Cabinet Division has sent a letter to FID of the Finance Ministry on October 13 seeking the latest progress of the Union Bank investigation.

Meanwhile, Serajul Islam, executive director and spokesperson of Bangladesh Bank, said: “There were some deviations from the rules, as they paid after the banking hour ended. There’s an investigation ongoing in this regard.”

According to Bangladesh Bank sources, a team from the central bank visited the Gulshan branch of Union Bank on September 20, opened the vault and found a big discrepancy in the amount of money. 

Although the branch documents said that there was Tk31 crore in the vault, only Tk12 crore was found.

In a press conference on September 23, Union Bank's Deputy Managing Director Hasan Iqbal said that Tk19 crore was given to one of its privileged customers after the banking hour and such incidents are not new.

“Three members of Union Bank's Gulshan branch have already been withdrawn,” he also informed in the press conference. 

Union Bank is one of the nine commercial banks approved in the country in 2013. 

The bank was owned by the late HM Ershad and is now run by an industrial group from Chittagong.


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