Probe BASIC Bank ex-MD Fakhrul, DMD Sobhan’s properties: HC asks ACC

The High Court today directed the Anti-Corruption Commission to conduct inquiry into the properties of the then managing director of BASIC Bank Kazi Fakhrul Islam and the then deputy managing director Fazlus Sobhan.

The bench of Justice M Enayetur Rahim and Justice Shahidul Karim came up with the order on a suomoto (voluntary) move during hearing the petitions filed by Fazlus Sobhan seeking bail in four separate corruption cases.

The HC ordered the ACC to probe into the properties of Kazi Fakhrul Islam and Fazlus Sobhan, as they were holding two vital posts of BASIC Bank during its huge loan scam, Advocate Syed Mamun Mahbub, a lawyer for the ACC, told The Daily Star. 

The bench, however, granted bail to FazlusSobhan in four cases.

FazlusSobhan cannot get released from jail following the HC orders of bail, as he is arrested in several other cases, Advocate Mamun Mahbub said, adding that KaziFakrul Islam is now in abroad.

Barrister Rokanuddin Mahmud appeared for FazlusSobhan.

According to a Bangladesh Bank enquiry, about Tk 4,500 crore was siphoned out of BASIC Bank between 2009 and 2013 when Sheikh Abdul HyeBacchu chaired the board of the bank.

In May 2014, the central bank reportedly fired BASIC Bank managing director KaziFakhrul Islam for presiding over a period of serious irregularities at the state-run bank.

Bangladesh Bank found him to be culpable in seven counts, including lack of sound management, failure to protect depositors' interest, and loan irregularities.

According to the central bank's probes, BASIC Bank had given loans without verification of customers' creditworthiness and proper documents. The lender also extended loans to defaulters.

Most of the irregularities were in the bank's Dilkusha, Shantinagar and Gulshan branches.

In July last year, the HC directed the ACC to probe the alleged involvement of former BASIC Bank chairman Sheikh Abdul HyeBacchu and its board members in a Tk 40 crore loan scam.

Meanwhiletoday, the same HC bench granted bail to other three sacked officials of BASIC Bank in several loan scam cases filed by the ACC.

Ex-general manager of BASIC Bank’s internal credit division Md Selim got bail in one case, ex general manager of the Bank Zainul Abedin Chowdhury got bail in one case and manager of its Gulshan branch Shipar Ahmed secured bail in two cases, ACC’s lawyer Khurshid Alam Khan told this newspaper.