largest ever scam in bangladesh
Post on 06-Jul-2018
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8/18/2019 Largest Ever Scam in Bangladesh
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Largest Ever Scam in
Bangladesh
The Sonali Bank is not only the largest nationalised
bank in Bangladesh, but also the biggest commercial
bank in this sector having the responsibility to
perform the treasury functionof the central bank in
places, where Bangladesh Bank does not have its
branches. Since the liberation of the country, Sonali
Bank has been functioning with full condence of the
people and the nation as a whole. The Hallmark scam
has not only thrown the Sonali Bank in a 'black hole',but also ruined the trust and condence of the people
in the entire banking sector.
The vivid and true picture of the dirty game has not
yet been unearthed. The amount that has been taken
away by Hallmark has not been correctly mentioned.
The amount diers from one media house to another.
!ierent sums of amount have been mentioned and
published in dierent news papers. "et us talk here
about the small gure of about tk #$%&crore that hasbeen disbursed alone in the name of Hallmark by
Sonali Bank, uposhi Bangla branch.
The Hallmark episode has been the 'talk of the
country' spanning the last couple of weeks, and
reports about the scam are being published in the
national dailies almost daily. But surprisingly, the
modus operandi of the disbursement of this large amount of loan has not yetbeen disclosed in the media in detail. (lthough the mode of disbursement
has not been clearly brought to the people, the "ocal Bill )urchased facility
against fake "etters of *redit has been mentioned in many newspapers. +o
matter in which way the disbursement has been made, the facts remain that
the bank committed gross irregularities. The responsible person or the group
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8/18/2019 Largest Ever Scam in Bangladesh
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of persons should be taken under the purview of laws as applicable to such
criminal oences.
The scam has given some hints about what the government and policyadvisors should do to erase sullying marks in strategic nancial institutions
like nationalised and private banks,stocks echange and -"-. urther
incidents of any ma/or malfeasance in these sectors may add to agitated
minds of the people.
0f there is any, given by the Hallmark 1roup and initiate legal actions against
the schemers. Better promote micro2nance encouraging the small
entrepreneurs and traders with easy provision of loan repayment. They will
not apply for big amount of loan. 0t is really ama3ing something like believe it
or not that a big businessman received some thousand crore of loan from thestate2owned bank. The Bangladesh Bank must discourage lending large
loans from public and private sector banks. 0t is advisable that the
Bangladesh Bank start investigating all large loans etended by the S*Bs
during last three and a half years.' 0t is not that the rot is there alone in S*Bs.
The private banks are not immune to it, particularly when a section of
directors consider the banks as their efdoms'.
(nti2corruption commission 4(**5 may well go ahead with its mission. But
there is popular skepticism about the role of (**. 0s it really an
independent6 0t must assert its authority investigating any case of corruptione7ciently. The (nti2*orruption *ommission8s investigations are ongoing and
court cases will be held this year. )erhaps more importantly, banking
eperts hope that the incident will bring about much needed reforms in the
banking sector.
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