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Dhaka Tribune

BASIC Bank MD removed

Update : 25 May 2014, 02:20 PM

BASIC Bank Managing Director Kazi Faqurul Islam has been removed from his position on charges of irregularities and corruption.

Bangladesh Bank took the decision after a long review on the allegations of irregularities and involvement in loan forgery against Faqurul Islam.

Bangladesh Bank Executive Director M Mahfuzur Rahman said Kazi Faqurul Islam has been removed for two years from all activities in the banking sector.

The central bank had formed a committee to review the allegations against the BASIC Bank MD.

Earlier, a central bank probe found several irregularities in four branches of the state-owned specialised bank at its Motijheel, Shantinagar, Dilkusha and Gulshan branches, involving loans of nearly Tk4,424.93 crore disbursed between December 2009 and November 2012.

Of the amount, Tk1,594.73 crore was disbursed by the Gulshan branch where most of them were handed over without proper scrutiny.

The bank also reportedly sanctioned loans for nonexistent companies and promptly approved loans to clients instantly after they opened accounts.

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