BCB explains ‘withdrawal’ of Tk 2.5b fund by Faruque Ahmed

Bangladesh Cricket Board (BCB) has explained a news of transfer of huge amounts of money by the board president as the matter created a buzz on social media.

The BCB said the fund of FDR has been transferred from risky banks to more secure ones to ensure safety of the money. Due to this initiative the board’s revenue has increased.

BCB thinks the propaganda of misappropriation of funds was intentionally circulated to tarnish the image of the board and its president Faruque Ahmed.

The BCB said this in a statement sent to the media today.

The Board of Directors of the BCB was changed after the political changeover in August last. Faruque was made the President by being nominated a director by the National Sports Council.

The BCB in its statement said the board reviewed its banking relations as part of giving financial integrity the most importance. As a result, the board decided to keep banking relations only with the banks rated as ‘green’ and ‘yellow’ by Bangladesh Bank.

The BCB withdrew Tk 2.5 billion from risky banks and invested Tk 2.38 billion to ‘green’ and ‘yellow’ banks. The remaining Tk 120 million was transferred to the bank account fixed for bearing the BCB’s operating cost.

The BCB also refuted a claim made by some media and other platforms that the BCB chief transferred the money at his own decision.

“The board president does not give any unilateral directive regarding change of bank or transaction. The board has two signatories—Finance Committee Chairman Fahim Sinha and Purchase Committee Chairman Mahbubul Anam—for any financial transactions with partner banks. The BCB President is not a signatory here.”

From September last year, BCB has transferred its funds and FDRs to 13 banks and thus it earned an additional profit of 2 to 5 per cent, the statement added.

According to the document attached with the statement, BCB withdrew its FDR from Midland, BASIC, IFIC, Exim, UCB, and state-owned Janata and Agrani and transferred them to Eastern, Brac, Mutual Trust, Pubali, Meghna and City Bank. A portion of money has also been reinvested to Agrani Bank.