Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, May 30, 2018 11:19:03 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Basic Bank loan scams

HC frustrated with ACC's slow investigation

By
31st-May-2018       
Comments
Share your thought
Post a comment »
Read all () »

Staff Reporter :
The High Court (HC) on Wednesday expressed deep anger and frustration at the Investigation Officers over the slow pace of progress in investigation of 56 cases filed in connection with Basic Bank loan scam. The HC wondered why they failed to complete the investigation in two and half years time.
The High Court bench of Justice M Enayetur Rahim and Justice Shahidul Karim expressed this anger while hearing four petitions filed by few accused including Fazlur Sobhan, the then Managing Director of Basic Bank, seeking bail in the cases.
Earlier in the morning, all the 8 Investigation Officers of the 56 cases appeared before the HC bench with all the documents to place their explanation over the delay in completing the investigations as per the HC direction passed on May 23.
Advocate Khurshid Alam Khan, Advocate Syed Mamun Mahbub and Advocate Fazlul Haque appeared in the court on behalf of the Anti-Corruption Commission (ACC) and Barrister Rokanuddin Mahmud stood for the bail petitioners.
At the starting, the court told the ACC lawyers, "You failed to submit just a single charge-sheet in 56 cases in last two and half years. How the board gave consent for the loan after the negative findings of the credit checking committee? Why none of the board members was accused in the cases?"
ACC lawyer Khurshid Alam Khan said, "We are trying. We hold meeting with every Investigation Officer after the court order. They did not have any fault. ACC is working. The Chairman of the bank was also interrogated. Every issue is being investigated."
Then the court said, "What happened with so much of our observation? You applied pick and choose policy arresting the accused."
The Junior Judge of the bench said, "If the case was filed against a farmer for only Tk 5 thousand scamming, he is being tied to his waist. So, why this is not happening with the Basic Bank accused?"
Then the Senior Judge of the bench Justice M Enayetur Rahim said, "What else we say. We cannot be an Investigation Officer of a Prosecutor."
"Some accused are getting bail because of your subversion. You are delaying to submit charge-sheets. The accused are getting bail. We are bound to grant them bail," said the Senior Judge.
Then the court asked Iqbal Hossain, ACC Director and also an Investigation Officer, about the delay of submitting charge-sheets in the cases. Iqbal Hossain replied they were in the last stage of the investigation.
Then the Senior Judge said, "We are frustrated with your performances. We have to grant bail to the petitioners. All the accused are getting bail one by one."
The judge then asked the ACC Director, "Do you think that money was embezzled?" Iqbal Hossain said, "Yes, it was." Then the judge said, "If it was, then why are you not arresting the debtors?
Iqbal Hossain said the loan debtors were changing their addresses regularly. So they did not find them. Then Justice M Enayetur Rahim said, "You are saying that the debtors were changing the addresses, but we see them in the talk-shows."
At this stage Justice M Enayetur Rahim said, "The state has lost so much money, now if the organization (ACC) does not work, we have nothing to do. If such a statutory organization does not work, then there is no profit from it."
"How much we talked about the issue! Now, we cover our eyes with shame. We think, we must cover the faces with black cloth, we talked so much but no result. There is no benefit with the order. It seems that pearls have been spread in the owl forest."
On May 23, the High Court summoned all the Investigation Officers of 56 cases filed in connection with Basic Bank loan scam, seeking their explanation over the delay in completing the investigation.
On that day the court also expressed dissatisfaction over the investigations of the cases as the investigations were not finished in due time of 180 days.
"The Anti-Corruption commission filed 56 cases in connection with the Basic Bank loan scam," Anti-Corruption commission's lawyer Khurshid Alam Khan told the journalists.
"During the proceedings, the court found that the investigations of the cases were not finished in due time. So the court summons all the investigation officers," the ACC lawyers said.
According to a Bangladesh Bank enquiry, about Tk 4,500 crore was siphoned out of the state-run bank between 2010 and 2013 when Sheikh Abdul Hye Bacchu chaired its board.
On July 14, 2014, the central bank sent a report on the scam to the ACC, detailing how people embezzled money from the bank through shell companies and dubious accounts.
The BB found that Bacchu illegally influenced all the activities of the bank, leaving the once-sound institution in a grave state. In 2015, the ACC had filed the 56 cases over the scam at Motijheel, Paltan and Gulshan Police Stations in the city.
The ACC accused 120 persons in those cases, however, Bacchu, the then Chairman of the bank, was not made accused in any of the cases. Among the 120 persons, 27 are officers of the Basic Bank, 11 are surveyors and 82 are debtors.
According to the Bangladesh Bank, till June 30, 2017, the rate of the default loan of the Basic Bank is 53 percent (7 thousand 390 crore), which is highest rate of the default loan of any bank.
As per BB report, the total amount of loan distributed by the Basic Bank was Tk 2 thousand 700 crore by December in 2008. The figure stood at Tk 9 thousand 373 crore by March in 2013, which means the bank distributed Tk 6 thousand 673 crore in four years and three months. About Tk 4 thousand 500 crore was distributed violating the law among the loans distributed by this time.

Tariff
Add Rate

News Archive

Inside The New Nation

Back Page »

Monasticism not prescribed


Abdul Muqit Chowdhury :According to the Holy Quran, there is no scope for such sacrifice as monasticism or passing life in 'eat' drink and be merry'. The Ayat says, ......"But the monasticism /Which they invented /For themselves, We did not /Prescribe for them." (Sura Hadid 57:27, The Holy Quran : ...

Editorial »

Government must compensate the abused female workers sent for money


Last Sunday, some 40 female workers, mostly from Saudi Arabia, returned home leaving behind a terrible experience of sexual abuse, physical torture and payment irregularities of wages. Furthermore, they returned empty handed. They landed at Hazrat Shahjalal International Airport in the evening and were found to be at a loss ...

Sports »

Serena set for Grand Slam return at Roland Garros


AFP, Paris :Three-time champion Serena Williams will make her eagerly-awaited return to Grand Slam tennis on Tuesday with a French Open first-round match against Kristyna Pliskova on Court Philippe Chatrier.The 36-year-old last played a major tournament in a victorious 2017 Australian Open campaign while two months pregnant, before taking time ...

Business & Economy »

Brothers Furniture Limited launches its sale offers 5 to 15 percent discount on this Ramzan. This sale offer is applicable for all branches of the company. Customers can get special gifts on a scratch card. The offer will run till the last night of Ramzan in all branches.


International »

Diplomatic flurry suggests US-North Korea summit may go ahead


Reuters, Seoul :North Korea has dispatched top officials to the United States and Singapore, media reported on Tuesday, the latest indication that an on-again-off-again summit with U.S. President Donald Trump may go ahead.North Korea's Kim Yong Chol, vice chairman of the ruling Workers' Party's Central Committee, was scheduled to fly ...

Entertainment »

Disha Patani is soaring the temperature with her Instagram pictures


Taking away our Monday blues, Disha Patani blazed our vision with her hot Instagram posts. The Baaghi 2 actress posted two pictures in a row which definitely took our breath away. The dazzling diva who is very active on social media never misses grabbing eyeballs of the audience by sharing ...

City »

Chief Justice Syed Mamud Hossain administering oath to the newly appointed Member of Bangladesh Public Service Commission Md. Fazlul Haque at the Judges Lounge of Bangladesh Supreme Court on Monday.


Sports »

Kyle Busch raises the trophy in Victory Lane after winning the NASCAR Cup Series auto race at Charlotte Motor Speedway in Charlotte, N.C., Sunday.


Sports »

Justin Rose, of England (right) receives the trophy from Colonial Country Club President Rob Doby (left) after winning the Fort Worth Invitational golf tournament at Colonial Country Club in Fort Worth, Texas on Sunday.


City »

BUP Vice-Chancellor Major General Emdad-Ul-Bari speaking at a seminar on 'Good Governance, Office Management & Financial Management' in its auditorium in the city's Mirpur Cantonment on Monday.


International »

Trump degrades `what it means to be an American`: Chelsea Clinton


HuffPost :Chelsea Clinton skewered President Donald Trump's character in a recent interview, accusing him of degrading "what it means to be an American."Clinton, a philanthropist and the daughter of former President Bill Clinton and former Secretary of State Hillary Clinton, tore into Trump when asked about his planned July visit ...

Entertainment »

Radhika Apte opens up about working in digital medium


Radhika Apte is emerging to be the digital favourite actress with multiple projects in her kitty, the actress feels the digital space is liberating, however given that, the medium is never the criteria for her choice of projects.  Bollywood’s one of the most critically acclaimed actresses, Radhika Apte has carved ...

Editorial »

Teesta treaty still a far cry


YESTERDAY, Bangladesh Prime Minister Shiekh Hasina and West Bengal Chief Minister Mamata Banerjee held a closed-door meeting for about an hour at a five-star hotel in Kolkata. Although they discussed a lot of issues such as education, trade and economic ties, the much anticipated Teesta water-sharing deal did not figure ...

Entertainment »

Kajol unveils her wax statue at Madame Tussauds Singapore


Bollywood fans, prepare yourself! Kajol joined the IIFA Awards party at Madame Tussauds Singapore. Her figure is the newest addition to the International Indian Film Academy (IIFA) Awards Experience, an interactive zone where you can surround yourself with A-list Bollywood stars and experience stardom. The Bollywood legend herself came to ...

Entertainment »

Leading actors joining the voice over industry gives me hope: Pallavi Bharti


The existence of voice over artists was established only after popular names like Ranveer Singh, Bhuvan Bam and Sharad Kelkar dubbed for the leading characters of blockbuster movies. Pallavi Bharti - who herself is an immensely experienced and talented artist in the field - feels that the involvement of popular ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news