BASIC Bank dismisses 4 top officials

Scam-hit BASIC Bank has dismissed four of its top officials for their involvement with financial irregularities.

The troubled bank took the decision and sent dismissal letters to the four officials today, said a top Bank official.  

Of them, three are deputy managing directors while another is a general manager.

READ MORE: BASIC Bank's errant loan practices

The deputy managing directors are Fazlus Sobhan, Mohammad Selim and Rurul Alam and the general manager is Mahbubul Alam.

Bangladesh Bank investigations detected massive financial irregularities involving around Tk 4,500 crore of loans in three branches of BASIC Bank between 2009 and 2013.

Loan frauds, committed because of direct involvement of the previous board led by its chairman Sheikh Abdul Hye Bacchu and some of its top executives, took place in the Dilkusha, Gulshan and Shantinagar branches of the bank.