Mizanur Rahman, acting managing director of Agrani Bank Ltd, was arrested yesterday (Thursday) by the Anti-Corruption Commission (ACC), barely six hours after he joined the post. Earlier in the morning, Syed Abdul Hamid, managing director of the same bank, was removed as per the direction of Bangladesh Bank for violating rules in granting loans amounting to Tk. 792 crore. Deputy managing director Mizanur Rahman was given the charge of managing director of the state-owned bank. He could run the bank just for six hours before being arrested. Two other Agrani Bank officials -- deputy general manager Akhtarul Alam and assistant general manager Shafillulah -- were also arrested by the ACC. Sources said Mizanur Rahman went to appear before the ACC at noon after
he was called by the corruption watchdog. He was arrested by Benzir Ahmed, deputy director of the ACC. Sources said the removal notice for Syed Abdul Hamid came yesterday morning after the central bank governor Fazle Kabir signed a proposal to this effect. As per the removal notice, Hamid will not be able to work in any bank for the next two years, sources at the central bank said. In February, the BB served a show-cause notice on Hamid on nine counts of irregularities. The Bank Company Act provides for serving a notice before removing a bank official.
The BB had decided to remove the Agrani Bank MD over suspected loan disbursement to several businesses, including Moon Group. Agrani Bank had allegedly disbursed loans amounting to Tk. 792 crore to a project of Moon Group three and a half years ago, even though no “valid documents” were submitted by the group.
Later, the group defaulted on repayment of the loans. Agrani Bank tried to recover the money by auctioning assets, including the Moon Group’s building and land, mortgaged with the bank but a court injunction stood in its way.
In February, the BB sent another notice to Agrani Bank asking it not to delegate any responsibility to its deputy managing director Mizanur Rahman Khan temporarily, as there were charges of irregularities. As per the BB notice, the bank’s board of directors directed the management to carry out the regulator’s instruction. Despite the central bank’s directive, Mizanur Rahman Khan was given charge of various divisions, including the loan recovery division. Sources said the central bank had written to the finance ministry saying that “a cartel” led by Khan had put a huge amount of depositors’ money at risk by disbursing loans to Moon Group, keeping Hamid in the loop.
The ministry took no action and Khan was made the deputy managing director from general manager, while MD Hamid got his job extended thrice.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.
Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.