Forensic audits will be conducted to find irregularities and fraud in mobile financial service provider Nagad.
The matter was approved in the board meeting of Bangladesh Bank on Sunday.
Central bank Executive Director and Spokesperson Husne Ara Shikha confirmed this to the media.
Forensic audit is the detailed examination of financial transactions of an organization.
If there is any fraud or irregularity in the organization, it is possible to find out through this audit. Generally, if any irregularity is found in this audit, it is used to take legal action.
The spokesperson said that several decisions were taken at the meeting, including restructuring of the central bank's audit committee, and appointing three new directors to their board.
Internal changes
The central bank also restructured its board of directors by adding three new members on the day.
The three new directors are Fahmida Khatun, executive director of the Centre for Policy Dialogue (CPD), Md Habibur Rahman, deputy governor of Bangladesh Bank, and Nazma Mubarek, secretary of the Financial Institutions Division.
The central bank spokesperson said the board was also formally briefed about the writ petition regarding Beximco Group.
Based on the petition, the High Court on 19 September directed the Bangladesh Bank to appoint a receiver to conduct the functions of the Beximco Group of Companies and attach all its assets.
The court also asked the central bank to repatriate money allegedly laundered by Salman F Rahman, the group's owner. The central bank was also instructed to submit a report to the court within four weeks regarding the implementation of the order.
The board meeting also set and passed the area of responsibility of the six-member task force which was formed back in September to conduct reform works in the banking sector.
This taskforce will assess the current financial situation, distressed assets and major risks in the banking sector, according to a central bank circular issued on September 11 last.
It will also review the financial indicators of weak banks, liquidity situation, assess the actual condition of loans, provision deficit, net capital, and actual value of assets of the banks. It will also work on the segregation of distressed assets.
The central bank also restructured its audit committee, by removing its member Md Nazrul Huda and replacing him with Dhaka University teacher Prof Rashed Al Mahmud Titumir.
Rashed is a professor of economics and a former chairman of the Department of Development Studies at Dhaka University.
Nazrul Huda was appointed as a member of the Audit Committee on 12 January 2020.
