BB for in-depth investigation into BASIC’s loan scam

Bangladesh Bank (BB) on Tuesday instructed the Anti Corruption Commission (ACC) to launch an in-depth investigation against the former board members of BASIC Bank who were allegedly involved in Tk 4,500 crore loan scam of the state-owned bank. The Financial Integrity and Customer Service Department of BB in a letter instructed the anti-graft body to probe the alleged financial irregularities by the former board members, including Sheikh Abdul Hye Bacchu, chairman of the recently dissolved board of the bank. BB also asked the anti-graft body to initiate a further probe on loan scams occurred BASIC’s three city branches, Gulshan, Santinagar and Dilkhusa, from which a vested group swindled Tk 4,500 crore with the nexus of high-ups of the banks and branch officials as reveled by a central bank investigation. Sending detail reports and documentary evidences regarding the loan scams, the BB letter also instructed the ACC authorities to take stern action against the former board members and bank officials who were involved in the massive loan scandal of the bank. Confirming the matter, a senior ACC official said that they have received the BB letter on the day with the instruction to launch a further probe into the financial irregularities of the bank. BB also enclosed all the documents of their investigation report regarding the loan scams. The 47-page investigation report has the detail information about the loan scams and the role of the previous board members on these financial irregularities. This evidence will help us to find out the wrongdoers, he added. The BB letter also requested the ACC authorities to inform it about the progress report of their investigation and which actions should be taken against the people to be found guilty in the corruption of the Basic Bank.