BB to send detailed probe report to ACC

The central bank will send a detailed investigation report on the BASIC Bank Limited to the Anti-Corruption Commission (ACC) for taking legal action against the main accused behind the scam.
"We'll submit the detailed investigation report on the BASIC Bank to the ACC shortly for taking necessary action in this connection," Bangladesh Bank (BB) executive director SM Moniruzzaman told the FE Sunday.
The BB executive director also said the ACC is empowered to interrogate and file cases against the accused in the BASIC Bank financial irregularities.
"We'll extend our all cooperation if ACC seeks help to take punitive actions against the person responsible for the state-owned bank scam," he noted after a meeting with the newly-appointed BASIC Bank Chairman Alauddin A Majid.
BB Governor Atiur Rahman earlier on the day met with BASIC Bank chairman and acting Managing Director of the specialised bank Fazlus Sobhan at the central bank headquarters to review the latest situation in the troubled bank.
The central bank asked the top management of BASIC Bank for taking necessary measures to implement 11-point action plan including establishment of good governance through ensuring accountability and transparency for improving financial health of the scam-hit bank.
The BASIC Bank management has also been asked to re-establish credit discipline and expedite the functions of default loan recovery taskforce.
The BB also asked the BASIC Bank to identify and take action against officials, who were cronies of the former chairman and MD.
Sheikh Abdul Hye Bacchu has already resigned from the post of the chairman following allegations of financial irregularities involving Tk 45 billion in the state-owned bank.
Earlier on May 25 last, the central bank fired BASIC Bank MD Kazi Faqurul Islam on the charges of negligence of duty and irregularities apart from the failure to protect the depositors' interests.
"The BASIC Bank may submit written application, if faces any problem in implementing the latest instructions relating to imposition of restrictions on its three branches," Moniruzzaman said while replying to a query.
He also said the central bank may provide policy support to BASIC Bank for facilitating operations of the branches after examining their applications.
Earlier on May 26 last, the central bank imposed restrictions on both sanction and disbursement of fresh loans from three branches - Dilkusha, Shantinagar and Gulshan  of the specialised bank to protect depositors' interest.
The central bank earlier found different types of irregularities by the BASIC Bank in providing loans, which include non-verification of customer's creditworthiness, absence of 'know your customer (KYC)' procedures, and extending loans to defaulters.
The BB investigations detected financial irregularities involving around Tk 45 billion of loans in the three branches located at Gulshan, Dilkusha and Shantinagar in Dhaka between 2009 and 2013.