Uttara Finance’s MD removed for financial scam

The Bangladesh Bank today removed SM Shamsul Arefin from the post of managing director of Uttara Finance and Investments Ltd (UFIL) for his alleged involvement in financial irregularities.

The central bank sent a letter to the board of the non-bank financial institution to this effect, saying Arefin was found involved in financial anomalies, leaving an adverse impact on the interest of depositors.

Rahman Rahman Huq, a chartered accountancy, recently carried out a special audit into the irregularities committed by Arefin and the allegations were found to be proved.

The central bank also ordered the NBFI to take legal actions against Arefin for the irregularities unearthed by the audit firm.

Contacted, Arefin said he knew nothing about his removal from the post of the managing director.