The Bangladesh Petroleum Corporation (BPC) and its affiliated companies have deposited Tk 4,813.32 crore in financially troubled private banks, prompting the state-owned organisation to launch an investigation into the deposits amid suspicions of commission trading, bribery and personal interests.

A seven-member committee has been formed to investigate the matter, recover the deposited funds and determine how, why and on whose recommendation such large amounts were placed in financially distressed banks.

According to an office order signed by BPC Secretary Shahina Sultana on November 3, the committee will also investigate whether the deposits were made in exchange for commissions, bribes or other personal benefits, potentially encouraged by unusually high interest rates.

BPC Director (Finance) Naznin Parvin has been appointed convener of the committee, while BPC Manager (Accounts) Md Al-Amin will serve as its member secretary.

The committee has been instructed to submit a comprehensive investigation report with recommendations to the BPC chairman within one month.

According to the office order, the committee was formed to investigate the recovery of funds deposited in bank accounts of BPC and its affiliated companies and recommend necessary measures.

It will examine the process through which the deposits were made, identify who recommended them and determine the reasons behind placing such substantial funds in financially troubled banks.

The committee will also identify individuals responsible if the deposits were made through personal interests, bribery or unethical connections.

Its key responsibility is to recommend measures for encashing fixed deposit receipts (FDRs) worth Tk 4,813.32 crore held in troubled private banks.

In addition, the committee will recommend criteria for selecting financially sound and reliable banks to ensure the safety of fixed deposits held by BPC and its affiliated companies in the future.