Former directors of the state-owned BASIC Bank, who were reportedly involved in the bank's multiple loan scams, have still remained outside the trial process, according to case documents.
The then board chairman, Sheikh Abdul Hye Bachchu, has been accused in the Tk 22.65-billion loan irregularities case.
But other board members, who were part of sthe loan scam, remain still untouched for unknown reasons.
Although 60 cases were filed after the loan scandal came to the fore, none of the loan-approving board members were made accused or named in charge sheets, except chairman Bachchu.
The exemption of other members of the board of directors from the list of accused and the charge sheets of the cases filed over loan scams always created controversy.
However, the Anti-Corruption Commission (ACC) investigators defied it, raising a serious question as to whether charge sheets have been prepared and submitted to make a way for other directors to avoid liability.
The ACC on 12 June 2023 submitted the charge sheets to the court against Bachchu and 146 others in 60 cases filed for embezzling Tk 22.65 billion.
Of the 147 accused, 101 are customers and 46 bank officials. But no board members were named as accused, except Bachchu, although multiple investigations indicated their involvement.
The ACC investigators were hesitant to even include the name of Bachchu as he was linked to the high-ups of the then ruling Awami League.
Finally, they submitted charge sheets in June 2023.
However, after the political changeover on 05 August 2024, new discussions have begun over the charge sheets submitted in the courts.
The special court, which is holding trial of the cases, have already summoned five investigation officers, seeking explanations as to whether the bank's board of directors hsd been involved.
ACC public prosecutor Mahmud Hossain Jahangir, who deals with the BASIC Bank cases, told the FE that they have scope to further investigate the scams.
According to sources, when an application of a loan is placed before a bank's board, all the directors evaluate it.
The application is supplemented with a report submitted by the branch concerned and the observation of the head office credit committee.
The loan is sanctioned only after the green light coming from the majority of the directors.
However, in the cases of BASIC Bank, the ACC charge sheets gave a safe exit to all board members but Bachchu.
Barrister Sayed Mahsib Hossain, a Supreme Court lawyer, said before rescheduling any credit facility, it is incumbent for any bank to obtain an NOC from the Banking Regulation & Policy Department of the Bangladesh Bank.
"If there is any allegation of lending money to ineligible people, the then BB officers who gave an NOC to disburse loan, are also liable. But it appears that no officer of Bangladesh Bank was named in the charge sheet. Hence, it appears that the report submitted by ACC suffers from infirmity."
"It's very alarming that where there is an allegation of corruption, the power rests with the ACC only to investigate the allegation, but there is no other body who can investigate corruption of ACC officials," according to the lawyer.
"Now, the question is if there is a defect in ACC charge sheets, who will then investigate the allegation of corruption, particularly where there is an allegation against the ACC for being biased."
Along with Bachchu, Jahangir Akhand Salim, Md Khairul Anam, Neelufar Ahmed, Shakhawat Hossain, Prof Kazi Akhtar Hussain, Md Anwarul Islam FCMA, Fakhrul Islam, Shubhashish Bose, Sk Monzur Morshed, Kazi Faqrul Islam and AKM Sajedur Rahman attended different board meetings of the bank during the occurrence of the scams.
According to a Bangladesh Bank report, around Tk 45 billion was embezzled from BASIC Bank during the 2009-2013 period. It was sent to the ACC in 2013.
After a long enquiry, the ACC filed 56 cases against 120 people at Motijheel, Paltan and Gulshan police stations on 21-23 September 2015.
Later, four more cases were filed over the scams. Allegations of Tk 22.65 billion of embezzlement were made in the cases.
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