Wednesday, May 25

BASIC Bank dismisses 4 officials for scam



BASIC Bank suspended its four top officials on Wednesday. The decision was taken after a scam that occurred losses in thousands of crores in recent years.

Loan frauds, committed because of direct involvement of the previous board led by its chairman Sheikh Abdul Hye Bacchu and some of its top executives, occured in the Dilkusha, Gulshan and Shantinagar branches of the bank.

Bangladesh Bank detected huge financial irregularities involving around Tk 4,500 crore of loans in three branches of BASIC Bank between 2009 and 2013.

Among the fired officials, three are deputy managing directors while another is a general manager, ac-cording to bank sources.