Why BASIC Bank’s Bacchu not implicated: HC

The High Court issued a rule asking why BASIC Bank’s former chairman Sheikh Abdul Hye Bacchu would not be implicated in cases filed over loan scam worth Tk 154 crore.

The court also asked to show cause as to why the Anti-Corruption Commission (ACC) chairman should not be ordered to conduct further investigations into the loan scam.

ACC chairman, finance secretary, Bangladesh Bank’s governor and BASIC bank managing director have been made respondent to the rule issued today.

The HC bench of Justice Md Ruhul Quddus and Justice Bhismadev Chakrabarti came up with the rule following a writ petition filed by Harun-or-Rashid, from Noakhali.

The petitioner moved the petition last Thursday saying that 57 cases have been filed for BASIC Bank loan scam, but Bacchu and the board members who are responsible for the scam were not implicated in any of the lawsuits.

He prayed to the court to direct the ACC to implicate them in the cases.

According to a Bangladesh Bank inquiry, about Tk 4,500 crore was swindled out from Basic Bank in the last six years.

The bank lent around Tk 5,500 crore during Bacchu’s tenure between 2009 and 2013, most of which were approved and disbursed on inadequate documents and inflated mortgages.

Of the amount, Tk 4,500 crore turned bad, throwing the once best state-owned bank into trouble.