BASIC Bank MD removed on charge of corruption

Bangladesh Bank (BB) removed Sunday BASIC Bank Limited Managing Director (MD) Kazi Faqurul Islam on charge of irregularities and corruption. Kazi Faqurul Islam has been removed with immediate effect as he indulged in financial irregularities while disbursing loans violating the central bank’s directives, BB General Manager AFM Asaduzzaman told UNB over phone. Irregularities in the bank came to the fore early last year. BB inspections found that the bank approved loans of Tk 45 billion, mostly without proper documentation and scrutiny.  Most of the irregularities took place in BASIC Bank’s four branches — Motijheel, Shantinagar, Dilkusha and Gulshan — that granted loans of Tk 44.25 billion between December 2009 and November 2012 on poor documents and inflated mortgages. The bank gave loans to nonexistent companies and promptly approved loans to clients after they had opened accounts.