Massive swindle found in BASIC Bank: Muhith

Terming BASIC Bank former chairman key player behind its sensational loan scam, finance minister Abul Maal Abdul Muhith on Tuesday said massive swindle took place in the state-owned bank.
He said, “Massive embezzlement took place in BASIC Bank. Its former chairman Sheikh Abdul Hye Bacchu was behind it.”
The finance minister said this at a meeting with the bank officials.
The minister said Abdul Hye’s activities beyond banking norms created the haphazard state at BASIC Bank.
Muhith also said lots of evidences of such activities were found. Now it will be easier to take action against him, the Muhith added.
Meeting sources said, the board at the meeting informed the finance minister that BASIC Bank sanctioned Tk 4,248 crore in just two years. The BASIC Bank approved the loans mostly without proper documents and scrutiny.
On 6 July, 2014, the government dissolved the board of directors of the bank a day after its chairman Sheikh Abdul Hye Bacchu resigned amid extensive reportings on the loan scam in newspapers.
The government also appointed Alauddin A Majid as the new chairman of the specialised bank in the day.
Abdul Hye was appointed chairman of BASIC Bank in September 2009 on contractual basis for three years. Later his tenure was extended by two years in September 2012.