State of the Bangladesh Economy in FY2023-24 (First Reading)
Independent Review of
RBD
Bangladesh's Development
Instances of reported irregularities in banks
ā Compilation of published news reports outlines 24 major irregularities in the banking sector between
2008 and 2023, amounting to over BDT 922.61 billion or more than BDT 92,261 crore which is
equivalent to 2% of GDP FY23 and 12% of national budget FY24.
ā Please see Annex Table 4.1 in the main IRBD report of CPD for details of these incidences where
dates of incidences, banks/institutions where those incidences took place, measures taken and
why these are considered irregularity are presented.
Serial no.
1
21
3
4
LO
5
Table: News compilation of major irregularities in banks during 2008-2023
Amount of money lost
Irregular activities
Proprietor of Fahim Attire Limited borrowed BDT. 5.89 crores with forged land documents
Embezzlement of BDT. 4,500 crores through fake companies and dubious accounts
Hallmark Group Managing Director Tanvir Mahmud and 26 others were accused of
misappropriating around BDT 4,357crore from state-owned Sonali Bank through various
means, including fraud and deception
Fraudulence by Crescent and AnonTex involving BDT 10,000 crores.
Embezzlement and laundering of BDT 1,174.46 by Bismillah Group and its fake sister concerns
worth crores.
CPD (2023): State of the Bangladesh Economy in FY2023-24 (First Reading)
58900000.00
45000000000.00
43570000000.00
100000000000.00
11744600000.00
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