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The Bangladesh Institute for Professional Development (BIPD) on Saturday alleged that Fareast Finance and Investment Limited has illegally held back its six FDRs worth Tk 10.83 million for six years.
The BIPD, a training and research institution catering to teachers and students in the financial sector, brought the accusation against the Fareast Finance, a non-bank financial institution.
At a press conference at the Economic Reporters Forum, the BIPD said despite maturity of the FDRs, it could not withdraw funds and get any profit on its deposits.
BIPD director general Mortuza Ali said the matter was yet to be addressed despite making appeals to the authorities concerned, including the central bank, the finance ministry and the revenue board.
The FDRs were opened during the period from 2016 to 2018 with the Fareast Finance and Investment Limited.
"We've sent 56 letters to Fareast in the last six years. All FDRs have matured on various dates, but Fareast isn't making any payment or responding to any letter," claimed Mr Ali.
"They are not showing any reasons for holding back the FDRs," he said.
The BIPD top executive further said that they also sent 34 letters and emails to different departments of the central bank to date, but there had been no reply. The Financial Institutions Division directed the Bangladesh Bank twice, on 20 December 2022 and 02 August 2023, to investigate Fareast's failure to repay the BIPD and take appropriate legal action.