First Security Islami Bank PLC has formally removed its managing director (MD) Syed Waseque Md Ali on allegations of loan scams.
The decision was made by the bank's board after receiving formal approval from the Bangladesh Bank on Tuesday, said a senior official of the bank.
"An internal audit found Mr. Ali's involvement in the loan irregularities associated with S Alam Group," says the official.
Earlier in January this year, the bank had sent Mr. Ali on forced leave over alleged involvement in irregularities related to loans extended to companies linked to the beleaguered business conglomerate.
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