The Anti-Corruption Commission (ACC) has prosecuted a sacked manager of Sonali Bank and three others for embezzling Tk 600 million which they borrowed from the bank in the name of offshore trading. It added that they disbursed the loan “without approval from the higher authorities” and did not reach out to a foreign bank to settle the payment. The branch manager opened a letter of credit, or LC, “beyond his authority” and re-created forced loan, though the client had forced loan liability. By opening an LC and re-creating forced loan, the suspects were able to borrow Tk 195 million showing previous loans settled. The amount stood at Tk 604 million along with interests, the case documents said.

Source: bd News24 September 05, 2022 22:03 UTC