Basic bank corruption: ACC`s move investigation or eyewash

MA Rahman: After four years of remaining silence, the Anti-Corruption Commission (ACC) has suddenly become lauded over the Tk 4,500 crore loan scam of state-owned specialised financial institution Basic bank.

The ACC investigation team submitted its report on BASIC Bank loan scam to the commission on Tuesday, recommending filing cases against 56 people, excluding the bank`s then chairman Sheikh Abdul Hye Bacchu, sources said.

The report, submitted at ACC inquiry and investigation desk-1, included name of the bank`s ex-managing director Kazi Fakhrul Islam, an official close to the investigation process.

Responsible officials at the desk said it would take one more week to make public outcome of the report.

The accused 56 people include Basic Bank officials as well as chief executives and managing directors of the organisations involved in the scam.

Kazi Fakhrul Islam was removed on May 25 last year following intervention of the central bank. Before that, several other officers were sacked.

On the same day, Sheikh Abdul Hye Bacchu also resigned from the post of chairman, following allegations of financial irregularities.  

Sheikh Abdul Hye Bacchu was allegedly `masterminded` the biggest-ever banking fraud of around Tk 35 billion in Bangladesh that took place between 2009 and 2012.

ACC launched an informal probe into the allegations in 2009, and a formal investigation in 2010.

The officials also said the commission formed a four-member team, led by its deputy director Mir Jaynul Abedin Shibli, in 2011 after it had traced `widespread corruption` in the primary investigation.

ACC has so far changed three officers on BASIC Bank inquiry. For this, none of them was able to prepare a probe report, and the commission has nothing in hand to disclose publicly or take action.

At last, the then ACC deputy director Md Iqbal Hossain was given the responsibility to look into the corruption case.

risingbd/Aug 05, 2015/Aminul