‘Fact-finding’ panel to probe NBFI scams: BB
The central bank has formed a "fact-finding committee" to look into the scams at non-bank financial institutions (NBFIs).
The five-member body led by Bangladesh Bank Deputy Governor AKM Sajedur Rahman Khan was constituted on Monday as per the instruction of BB Governor Fazle Kabir.
The decision was taken as some alleged scamsters said a number of officials of the banking watchdog are also involved in the financial felonies.
At least two scamsters gave confessional statements at courts recently, saying two high officials of the central bank had assisted the swindlers in exchange of bribe.
Against the backdrop, the central bank withdrew its Executive Director Shah Alam, whose name surfaced in the confessional statements, on February 4, striping him of the responsibility of monitoring two departments.
The committee will submit a report to the higher-ups of the central bank within the next three months, said Md Serajul Islam, an executive director and spokesperson of the BB.
It will also investigate the central bank officials who have been assigned to monitor NBFIs in the last couple of years.
The committee has been empowered to interrogate any officials of the central bank to unearth the actual reasons behind the financial scams. It has been asked to place recommendations to protect NBFIs from further scams.
At least 10 NBFIs are in dire straits due to massive irregularities. Many of them are unable to pay back to depositors despite the maturity of the fund.
For instance, Bangladesh Commerce Bank and Janata Bank are struggling to recover Tk 633 crore from six NBFIs.
Private lender BCB and state-run Janata kept the fund with Peoples Leasing & Financial Services, First Finance, FAS Finance & Investment, Bangladesh Industrial Finance Company, International Leasing and Financial Services, and Premier Leasing & Finance Ltd several years ago.
Although the funds have matured, the NBFIs are unable to return the money to the banks.
The two banks requested the central bank to intervene to help them realise the funds. But they have received a feeble response from the regulator.
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