Fake directors at NRB Bank : Real corruption is easy

LATEST disclosure shows that NRB Commercial Bank, formally owned by wealthy expatriates has sanctioned loans to several fake directors against fake projects to the tune of Tk 701 crore in recent past. Referring to Bangladesh Bank findings a national daily reported on Tuesday that the board of directors of the bank; which was established only recently is indulging in massive irregularities. They are forging signatures of original directors and sanctioning loans to their own projects skipping central bank’s notice.

Scanning of the bank document showed four of the non-resident directors were present in the bank’s board meetings from 2013-2016 although they were not present and their presence has been showed defalcating bank papers and their signatures. Actually, other people, not the original sponsors directors hold their shares now against their name and enjoy all benefits of the directorships. How come it happen is the question and to many the answer lies to the fact that the bank’s operating license was awarded on political consideration to leaders of UK and USA based Awami League and they may have sold their stake in the bank keeping the transfer secret and without approval of Central Bank.

So it appears that third party owners are running the bank and robbing the resources against false projects. Bank’s directors are working in a collusion to deceive depositors at the end. Similar allegations earlier showed Farmers Bank – also controlled by a powerful Awami League leader and his close circle was facing such fake loans cases and the bank management ignored to explain to Central Bank how such fake loans were approved enjoying shelter of the said party leader now regularly living in the USA.

Central Bank investigation into NRB Bank loans cases showed four directors are fake shareholders; which others originally held. Mercantile Bank Chairman Shahidul Ahsan holds ‘illegally’ the shares, which are documented against two other directors. What they did is that by opening fake account with Mercantile and NRBC Banks, they are illegally holding and controlling the share and taking the benefits including loans against fake projects. In fact the Chairman of BASIC Bank had swindled over Tk 4,500 crore from the bank using similar fake loan projects. Sonali Bank and Agrani Bank also lost huge money under the cover of fictitious loan projects.
 
We have warned the Central Bank in earlier editorials and demanding fresh caution again to the fact that banks and such non-banking financial institutions have become the minting ground of illegal fortune and NRB Bank loan cases showed it again. We must say the government and Central Bank, as regulatory body of all banks can’t lose its oversight function to protect banks and depositors’ money. Most business houses and private bank owners are laundering money abroad this way, it must stop, managerial loopholes must be plugged and the guilty must be punished.

Anti-Corruption Commission talk bravely against small and weak ones in their fight against corruption. They do not see instances of big corruption involving powerful people. The cravenness among us is a shame we are living with and the country is full of injustices.