Monetary loan

HC unhappy with rescheduling of delinquent loan from money launderer

The High Court (HC) on Tuesday expressed its dissatisfaction with the facilities provided by the Bangladesh Bank for the rescheduling of delinquent loans from a money launderer.

Angered by the central bank’s decision, judges Nazrul Islam Talukder and Izarul Haque Akand ordered the Anti-Corruption Commission (ACC) to look into the case.

“We are not giving any orders at this time. However, you are checking whether there is a violation of the law,” the court told the ACC lawyer after a suo moto hearing following a published report. in an English daily newspaper on June 28.

In its order, the HC said such a move by Bangladesh Bank would encourage money launderers to commit bribery again.

According to the report, the central bank allowed a person accused of money laundering to reschedule a delinquent Tk 199 crore loan taken out with Bangladesh Commerce Bank Limited (BCBL) through false documents.

Bangladesh Bank has also allowed BCBL to waive interest to the tune of Tk 71 crore on the defaulted SB Exim loan held by suspected money launderer, Shahjahan Bablu.

However, according to Bangladesh Bank rules, no bank can reschedule an overdue loan secured by false documents.

In such a case, a bank must file a lawsuit in court to recover the embezzled funds.

ACC lawyer Khurshid Alam Khan told the media, “I have read the news. This decision by Bangladesh Bank will encourage money laundering.”