The Bangladesh Bank has fined Bangladesh Commerce Bank Limited as the bank failed to inform duly the central bank about the loan defaulting status of one of its clients.
The central bank awarded the loan defaulter, Shahjahan Bablu, the remittance award 2018 on October 7 this year without knowing his loan defaulting status.
Finance minister AHM Mustafa Kamal in presence of BB governor Fazle Kabir handed over remittance awards to 36 entities and individuals including Bablu for sending the highest amounts of remittance in the year 2018.
As the award drew severe criticisms from different quarters, the BB revoked the award given to Bablu after a few days.
A senior BB official told New Age that the BB had initially fined Bangladesh Commerce Bank Tk 5 lakh due to its failure in informing Bablu’s loan defaulting status duly to the BB.
Later, the central bank, following a BCBL plea, reduced the fine to Tk 2 lakh.
Bablu has been a loan defaulter in BCBL for several years but the bank did not inform the issue to the BB’s Credit Information Bureau (CIB).
Besides, Bablu is facing a money laundering case.
BCBL has again appealed to the central bank for a complete waiver of the fine.
In the appeal, the bank claimed that that the issue was a mistake and the bank had taken punitive measures against 11 individuals responsible for the incident.
BCBL managing director and chief executive officer Abdul Khaleque Khan told New Age on Sunday that he was aware about the step taken by the central bank.
‘We have instructed our Dilkusha branch to communicate with the central bank,’ he said.
The BB official said that the BCBL’s fresh plea would be placed before the central bank’s board for decision.
If the BB’s board rejects the plea, another letter would be issued to the bank asking it to deposit the penalty.
At the remittance award giving ceremony held at the Institution of Diploma Engineers, Bangladesh in Dhaka, a representative of Bablu received the award as he could not attend the programme.
According to an investigation conducted by the Bangladesh Financial Intelligence Unit, Bablu laundered Tk 200 crore through BCBL in the name of exporting goods abroad.
Bablu through one of his companies, SB Exim, laundered money in the name of exporting clay-made terracotta.
The Crime Investigation Department of Police and Anti-Corruption Commission also found Bablu’s involvement in money laundering and export scams.
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