Islami Bank suspends 6 officials over loan irregularities linked to S Alam Group

Islami Monetary institution Bangladesh Dinky has suspended six officers for their alleged involvement in irregularities associated to loans disbursed to S Alam Neighborhood.

The suspension letters were issued by the bank at present time (5 December), primarily based on sources within IBBL.

The suspended officers are Md Mostak Ahmed, senior assistant vice president (AVP) (Rangpur zone); Amin Ullah Pasha, AVP (Khulna zone); Md Didarul Alam, AVP (Feni Sadar branch); Nurul Amin, first AVP (Khatunganj Department); Abbas Ahmed, FAVP (Khatunganj Department); and Md Anwarul Haque, foremost officer.

Confirming the subject, an decent from the Khatunganj branch mentioned that three officers from the branch were in short suspended following an snarl from the head situation of enterprise.

He also mentioned that the three suspended officers from utterly different zones had previously been employed at the Khatunganj branch.

When asked relating to the trigger of the suspension, the decent mentioned preliminary probe findings instructed that the suspended officers facilitated the disbursement of loans with out adhering to only procedures.

He also mentioned that the Khatunganj branch accounted for the largest portion of loans disbursed to S Alam Neighborhood by the Islami Monetary institution.

He further mentioned that separate investigations are underway by a couple of our bodies, together with the Bangladesh Monetary institution, the Bangladesh Monetary Intelligence Unit (BFIU), and the Anti-Corruption Commission (ACC), to probe into the allegations of irregularities concerning Islami Monetary institution’s loan disbursements to S Alam.

Moreover, the bank’s inner audit department and an self sustaining audit company, appointed separately, are also working to uncover the irregularities, he added.

S Alam Neighborhood, alongside with its affiliated entities, reportedly withdrew Tk73,113 crore in loans from Islamic Monetary institution – amounting to virtually 50% of the bank’s entire loan portfolio.

Of this, Tk 42,000 crore used to be disbursed during the Khatunganj branch by myself.

Earlier, Islami Monetary institution Bangladesh had brushed aside a lot of high executives linked to S Alam Neighborhood, together with deputy managing directors (DMDs) and utterly different senior officers. On 19 August, eight excessive-rating officers were suspended, followed by further dismissals on 25 September, together with a foremost officer accused of involvement in recruitment and transfer irregularities.

The foremost officer, Hossain, used to be from the bank’s Chawkbazar branch, and used to be the husband of Marjina, a home motivate employed by S Alam Neighborhood Chairman Mohammed Saiful Alam. Allegations counsel that Hossain used to be eager with Deputy Managing Director Akij Uddin in illicit recruitment and transfer dealings in the route of the bank.