Farmers Bank Scam

Former MD, 16 others barred from leaving country

Former MD, 16 others barred from leaving country

Dhaka, Apr 3 (Just News): Anti-Corruption Commission on Tuesday imposed a ban on foreign travel by 17 officials of the crisis-ridden Farmers Bank Ltd, including its former managing director and chief executive officer AKM Shameem, along with their families.

The commission took the move as part of its ongoing inquiry into money laundering and accumulation of illegal wealth by the officials after crores of taka was embezzled from different branches of the bank, said ACC public relations officer Pranab Kumar Bhattacharjee.

The other officials are former Farmers Bank audit committee chairman Mahbubul Haque Chisty, his wife Rujee Chisty, sons Rashedul Haque Chisty and Majedul Haque Chisty, daughter Rimi Chisty, Rashedul’s wife Farhana Ahmed, deputy managing director Abdul Motaleb Patowary, senior vice-presidents Gazi Salahuddin and Zia Uddin Ahmed, executive vice-president Mohammad Jahangir Alam Majumder, vice-presidents Latful Haque and M Monirul Haque, first vice-president M Tafazzal Hossain, assistant vice-president Mohammad Shamsul Hasan Bhuyan, executive officer Mohammad Jakir Hossain and assistant executive officer Mahbub Ahmed.

Imposing the ban, the commission sent letters to the immigration offices at all the airports and land ports and other authorities concerned through the special branch of police, the ACC official said.

He said as none of the directors of the bank and its chairman were implicated in the charges at this stage, no move was taken against them now.

In the letter, the ACC said they suspected that the people siphoned huge amount of money abroad breaching the banking rules in last few years.

The commission was informed that the people are trying to leave the country, the letter said.

On November 28, 2017, former home minister of the Awami League government Muhiuddin Khan Alamgir resigned as chairman of the board of directors and executive committee of the bank.

At the same time, the bank’s audit committee chairman Mahbubul Haque Chisty also resigned.

The resignation came amid a liquidity crisis and a fall in the financial indices of the bank that according to a Bangladesh Bank report posed serious threat to the overall baking sector.

In February 2013, Farmers Bank, a new generation bank, was awarded licence in 2013 on political consideration, sought bail-out fund of Tk 1,100 crore to overcome the liquidity crisis due to aggressive banking, loan irregularities, gross mismanagement and undue interference by the previous board of directors.

The government has planned to inject Tk 715 crore into the scam-hit Farmers Bank despite criticism that the proposed bailout fund will set a bad precedence in the country’s banking history.

Transparency International Bangladesh in a statement on Thursday vehemently opposed the government move of injecting fund into Farmers Bank.
In the statement, TIB executive director Iftekharzzman demanded punishment of the corrupt officials of the banks and its directors.

TIB also demanded that share of the corrupt directors should be confiscated by the government and sell them to arrange bailout fund.