Loot of Tk 70,000 crore from Islami Bank

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Loot of Tk 70,000 crore from Islami Bank

S Alam Group has taken a large loan of Tk 70 thousand 466 crore from Islami Bank listed in the stock market. Of this, Tk 53,277 crore was taken directly in its own name and Tk 17,189 crore was taken anonymously.

This huge amount of money has been withdrawn through 44 institutions. Currently, a large part of this loan has started to default, about Tk 3,000 crore has already defaulted and more than Tk 6,500 crore of loans have expired.

These issues have come to light in the bank’s initial investigation and this information has been sent to the ACC, CID and BFIU.

In such a situation, regarding the steps taken by the new board of directors of Islami Bank, the bank’s chairman Obaid Ullah Al Masud told the media that the new board announced 25 milestones in three phases after taking office. Problem-solving and recovery work is underway in each phase. Special effective steps have been taken to recover S Alam’s investment, as a result of which 7 senior officials of the company have been dismissed and 20 legal steps have been taken.

He said that the bank has a plan to move forward successfully by identifying 18 milestones in 2024. The first meeting of the bank’s board of directors decided to start internal audit activities and 4 external audit firms have been appointed to investigate irregularities in S Alam’s investment.

Obaid Ullah said that at the beginning of the new year, new deposits of Tk 8,665 crore were collected and about 1 million new customer accounts were opened in Islami Bank. The bank has once again taken the first place by collecting remittances of Tk 69,840 crore.

He said that digital meetings have been held to motivate the bank’s officers and employees and new branches have been inaugurated. Overall, the bank has entered the year of turning around after overcoming the crisis and is preparing to achieve more success in the future.

In this context, it is worth noting that in addition to solving S Alam’s problems, Islami Bank held 36 board meetings last year and took 1,615 business-related decisions, which is 70 percent more than the previous year. The bank has thus retained its first position among private banks in operating profit.

Thus, the bank has promised to achieve the ability to restore it to its previous state by 2026.

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