Under Section 20 (3) of the Financial Institutions Act 1993, a special audit report prepared by chartered accountancy firm, Rahman Rahman Haque, on Uttara Finance found massive financial irregularities in the non-bank financial (NBFI) institution, the letter said.

Shamsul Arefin was removed from his post of managing director and chief executive officer of Uttara Finance for his involvement in the irregularities, Md Serajul Islam, executive director and spokesperson of the Bangladesh Bank, told UNB.

The central bank asked Uttara Finance to take action to secure the depositors’ interests.

The Bangladesh Bank also asked the NBFI (Non-bank financial institution) to take legal action against Shamsul Arefin, Serajul said.

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