B.Mirror Desk: A major controversy has erupted over the placement of over BDT 4,813 crore in fixed deposits (FDRs) by the Bangladesh Petroleum Corporation (BPC) and its subsidiaries into financially distressed and weak private-sector banks. To examine the security of these public funds—as well as potential irregularities and possible kickback schemes—the BPC has established a seven-member, high-level investigation committee.
According to an office order signed by BPC Secretary Shahina Sultana, the committee was formed on November 3. Naznin Parveen, BPC’s Director (Finance), has been appointed as the convener, while Md. Al-Amin, Manager (Accounts/Funds), serves as the member secretary. The committee has been tasked with submitting a detailed report to the BPC Chairman within one month.
Analysts note that the BPC typically maintains significant cash reserves to manage critical, nationally vital operations, such as the importation of petroleum products. These funds are traditionally held as fixed deposits (FDRs) across various state-owned and private banks. However, given the recent erosion of governance within the banking sector and the liquidity crises faced by many institutions, questions have been raised as to how such vast sums of public money—belonging to a state entity like the BPC—came to be deposited in such high-risk banks.

The committee will focus on several specific and sensitive areas:

Determining the rationale behind the decisions: Identifying the process, the individuals (or groups) who recommended these placements, and the business or financial criteria used to justify depositing such large sums into distressed banks.
Investigating potential kickbacks or bribery: Conducting a thorough inquiry into whether any officials engaged in personal gain, bribery, or unethical commission-based dealings—perhaps lured by the unusually high interest rates offered by these banks. Action Plan for Fund Recovery: To recommend realistic and effective strategies for the safe recovery of 4,813.32 crore BDT currently tied up in Fixed Deposit Receipts (FDRs) at various financially vulnerable banks.
Framework for Future Safeguarding: To develop a robust and modern policy—or framework—for the placement of future fixed deposits by the BPC (Bangladesh Petroleum Corporation) and its subsidiaries. This framework should mandate the rigorous assessment of banks’ actual financial health, cash flow, and long-term reliability.
Funds held by state-owned or statutory corporations essentially represent the public interest. Investing such funds in high-risk institutions—whether to serve the interests of specific groups or individuals—constitutes a criminal act or an act of extreme irresponsibility. This investigation into the BPC is not merely about addressing past irregularities or assigning accountability; it serves as a critical turning point for establishing financial discipline across the nation’s entire energy sector. The immediate priority is the safe recovery of the 4,813 crore BDT currently trapped, alongside the implementation of stringent oversight to prevent any recurrence of such incidents in the future.