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Loan scam at Farmers Bank

ACC quizzes Babul Chisty, 3 others

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16th-Apr-2018       
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Staff Reporter :
Anti-Corruption Commission (ACC) on Sunday quizzed four people including former chairman of Farmers Bank Audit Committee Mahabubul Haque Chisty (Babul Chisty) over allegations of embezzling Tk 160 crore from the bank.
On April 10, ACC Deputy Director Shamsul Alam filed a money-laundering case with Gulshan Police Station, accusing six persons, including Babul Chisty, his son Rashedul Haque Chisty, the bank's Senior Vice President Zia Uddin Ahmed and First Vice President Muhammad Masudur Rahman Khan.
The four landed in jail the same day after the ACC arrested them in the case.
The accused persons, including son of Babul Chisty and two officials of the bank faced the quizzing at ACC headquarters in Dhaka. ACC Assistant Director (Public Relations) Pranab Kumar Bhattacharya told The New Nation that an ACC team led by Deputy Director Shamsul Alam and investigation officer of the case interrogated them.
"They have been interrogated from morning to afternoon putting remand," he added.   
The ACC found that between November 18, 2013 and January 30 this year, Tk 138.82 crore were deposited with the current accounts of Bakshiganj Jute Spinners Ltd at Farmers Bank's Bakshiganj and Gulshan branches. Chisty's son, wife and daughter owned the mill.
ACC imposed a ban on the travel of 17 people including Babul Chisty and his family members and senior officials of the bank for their alleged involvement in the money laundering case. In December last year, Bangladesh Bank (BB) unearthed that Farmers Bank's Motijheel branch had disbursed more than Tk 500 crore that were sanctioned to 11 companies in violation of normal banking rules and procedures. Of the amount, loans of Tk 367 crore that the branch gave to 10 of the firms from November 2013 to November last year have become defaulted.
According to a BB probe report, Mahabubul was involved in the financial scams that took place in the bank's Gulshan and Mowna branches.
BB held the bank's ex-chairman Muhiuddin Khan Alamgir and Chisty largely responsible for the scams.

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