Business group took Tk 12b in loans unnoticed by BB: AK Azad

A business group took out a staggering Tk 12 billion from a bank in the name of loans, all unnoticed by Bangladesh Bank, former FBCCI President AK Azad has said.

Instead of investing the money in the country, the group transferred it abroad, Mr Azad told a pre-budget discussion in Dhaka on Sunday, local media reported.

Although the central bank later uncovered the loan withdrawal through an investigation, it has yet to take any measures against those involved, he said.

Mr Azad, who is also the managing director of Ha-Meem Group, pointed to the inadequacy of power within the central bank as the reason for this lack of action.