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HC asks S Alam Group to explain reports

The High Court today ordered the authorities concerned to probe into the much talked about and reported “loan scam” in three banks – Islami Bank, Social Islami Bank Ltd and First Security Islami Bank – and submit the report within next four months.

The HC bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the order after issuing a Suo Motu (voluntary) rule following newspaper reports.

The court directed Bangladesh Bank’s Bangladesh Financial Intelligence Unit (BFIU), Anti-Corruption Commission (ACC) and Bangladesh Police’s Criminal Investigation Department (CID) to submit the probe report.

At the same time, the court ordered the authorities of these three banks to submit the list of bank officials involved in approving loans worth thousands of crores of taka.

The HC also issued a rule, asking why the inaction of the banks to take action against those responsible for approving loans worth thousands of crores and S Alam Group’s Tk 30,000 loan should not be declared illegal.

Read: Basic Bank loan scam: HC orders ACC to complete probe in 3 months

The rule also asked why no instructions should be given to take action against those responsible.

Besides, the HC bench asked S Alam Group to explain the newspaper reports that said the company took Tk 30,000 crore from Islami Bank.

The court also set April 5 next year for the hearing and asked to submit the report after verifying the authenticity of…

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