Home ›› 21 Sep 2022 ›› Back
Uttara Finance requested Anti-Corruption Commission (ACC) and Bangladesh Bank (BB) to take measures to seize its former managing director SM Shamsul Arefin’s passport.
The central bank in June of this year removed Shamsul Arefin from the NBFI for his involvement in loan irregularities. The financial regulator was also asked to take legal action against Arefin.
The NBFI sent letters to ACC and BB on September 14 saying that SM Shamsul Arefin was trying to leave the country.
Rahman Rahman Huq, KPMG, an audit company appointed by the central bank found huge financial embezzlement and loan irregularities by Arefin, as per the Uttara Finance letter.
The letter asked the Anti-Corruption Commission to investigate those issues.
Early 2021, the NBFI hit the headlines for loan irregularities involving about Tk6, 000 crore, putting depositors’ money at risk.
The central bank unearthed the irregularities while inspecting the financial reports of Uttara Finance
until 2020. The irregularities include lending money to the director’s company without paperwork and paying huge amounts of cash to its chairman for no concrete reason.
Apart from them, the central bank also revealed other irregularities such as creating fake loans to withdraw Tk335 crore for Uttara Group and the Managing Director’s involvement in taking out money without any approval.
