The High Court today directed to bring a former chairman and the board of directors of Basic Bank to the book of law in connection to a Tk 40 crore loan scam.

It also asked the Anti-Corruption Commission (ACC) to finish investigation into approval of the amount in 2010 from the bank’s Shantinagar branch by 60 days.

The HC bench of Justice M Enayetur Rahim and Justice Shahidul Karim passed the order during after hearing a petition filed by the ACC against a lower court bail to an accused, Shahjahan Ali.

The HC court however, upheld the bail of Shahjahan Ali, chief surveyor and managing partner of Rupsha Surveyors, at Jibon Bima building, in the loan scam case.

ACC lawyer Advocate Syed Mamun Mahbub told The Daily Star, the board of directors of Basic Bank, led by its then chairman Abdul Hye Bachchu, approved Tk 40 crore loan to Syed Mahbubul Gani, managing partner of Ms Syed Traders in 2010.

They had ignored the recommendation of the credit committee of the bank which was against the the loan, he said, adding that the officials had approved the loan without proper documents.

The ACC filed a loan scam case with Paltan Police Station on September 23, 2015 against Shahjahan Ali and others who were involved with the loan.

Metropolitan Session Judges’ Court in Dhaka had granted bail to Shahjahan Ali in this case. The ACC later on filed a revision petition with the High Court challenging the lower court order of bail.

Advocate Mamun Mahbub said now the ACC will investigate whether the then chairman of Basic Bank and board of directors are involved in the loan scam.

The commission can press charges against them if they are found involved, he said. Also, the commission can arrest them if there is any possibility of them fleeing the country.