A court has ordered further investigation into 14 cases related to a massive Tk 2,265 crore fraud involving Basic Bank. The cases, stemming from loan embezzlement and money laundering dating back to September 2015, involve several high-profile individuals, including the former chairman of the bank.
In September 2015, the Anti-Corruption Commission (ACC) filed 59 cases against individuals accused of embezzling and laundering Tk 2,265 crore through fraudulent loans from Basic Bank. After nearly seven years of investigation, the ACC submitted charge sheets for these cases in June 2023. Among the accused were 46 bank officials and 101 clients, but no members of the bank’s board of directors were named.
On Monday, the Dhaka Special Judge Court, presided by Judge Md. Abul Kashem, ordered further investigation into 14 of these cases, some of which had already reached the stage of witness hearings, while others were still awaiting charge framing. The bench assistant, Rajib De, confirmed that the court had directed the ACC to conduct further investigation due to missing suspects, including Sheikh Abdul Hai Bachchu, the former chairman of Basic Bank, and his family members, who are believed to be fugitives.
Although Bachchu was not named as an accused in any of the cases, there were accusations that he played a pivotal role in driving Basic Bank, a once-reputable state-owned institution, into financial ruin. Bachchu’s involvement emerged prominently in 58 of the 59 cases filed by the ACC. Despite this, no members of the bank’s board of directors were included in the charge sheet.
In a separate case filed by the ACC in November 2023, Bachchu and four of his family members were ordered to appear in court by January 2 for their alleged involvement in the embezzlement and laundering of approximately Tk 95 crore. This is part of a broader investigation that continues to shed light on significant financial misconduct within the state-run institution.
Liberty News’ economic correspondent states that the court’s decision to order further investigation highlights the complexity of the case and the ongoing efforts to hold those responsible for this massive financial scandal accountable.
LND/BAIZID
