Six financial scams have taken place over the last seven years in the country.

A total of almost Tk
30,000 crore was embezzled in the scams. A Padma Bridge could have been built with that
amount.
A large number of people were affected from those scams. Thousands of small investors were
hurt in the share market scam. Politically appointed chairmen and board directors of various
banks were benefited by the embezzlement. The Anti Corruption Commission (ACC) also
protected them, rather than taking action.
None of the scams were brought to justice and no one was punished. The cases are simply drawn
out as some of the accused are in jail and some are relaxing in the hospitals. Some are out on
bail.
Former Bangladesh Bank governor Salehuddin Ahmed and Transparency International
Bangladesh (TIB) executive director Iftekharuzzaman both said lack of good governance is the
reason behind such financial scams. Former Bangladesh Bank deputy governor Khandkar
Ibrahim Khaled told Prothom Alo that action was not taken in the scams as people close to the
government were involved.
The second largest share market scam took place in 2009, a year after the ruling Awami League
came to power. Head of the probe committee investigating the scam, Khandkar Ibrahim Khaled,
said the investors lost almost Tk 15,000 crore in the scam. Then almost Tk 4,500 crore was
embezzled in Sonali Bank and Hall-Mark scam in 2012. Bismillah group embezzled Tk 1100
crore from Janata Bank. Almost Tk 4,500 crore was embezzled in the Basic Bank scam in 2013.
Destiny Group, a multi level marketing company swindled investors of nearly Tk 4,119 crore.
None of the accused in these cases were punished. Chairman Jesmine Islam of the Hall-mark
Group is out on bail while managing director (MD) Tanvir Mahmud is in jail. Destiny Group
president Rafiqul Amin is in the hospital for a long time after being arrested. Basic Bank
chairman Sheikh Abdul Hye Bacchu is not even named in any case.
The Bangladesh Bank heist is the latest of the money scams in the country. A total of $81 million
was stolen from the Bangladesh central banks accounts in the Federal Reserve Bank of New
York on 5 February.
Bangladesh Bank Governor Atiur Rahman was forced to resign due to this scam. Two deputy
governors were also removed.
Former BB governor Salehuddin Ahmed made three recommendations to prevent such scams.
He told Prothom Alo the accused in these cases should be punished. The punishment should be
judicial, not departmental like termination or transfer. Experts and qualified persons should be

appointd where required. The members of bank boards of directors are selected through political
consideration. There is question about their eligibility. The banks internal control must be
ensured. BB has to handle banking very strictly.
He thinks that BB is in conflict with the other financial institutions. BB should have sole control
over the banking sector.
The Hall-Mark scam is a glaring example of how influential people from the government are
involved with the big bank scams. Senior bank officials only aided and abetted the scam. A
number of board members also knew about the underhand dealings. When interrogated, HallMark MD Tanvir Mahmud named bank board member and also ruling Awami League leader
Saimum Sarwar as being involved in the matter. Finance minister AMA Muhith dismissed the
scam as nothing big. BB also recommended changes in the board of Sonali Bank. Finance
minister also said ti was not a part of their responsibility.
About the Basic Bank scam, finance minister on 8 July 2015 said, Huge embezzlement has been
done in the bank. Former Basic Bank chairman Sheikh Abdul Hye Bacchu is involved in this.
Earlier on 30 June 2015, talking about the Hall-Mark and Basic Bank, finance minister in the
parliament said, Our own party men are a hurdle in catching the fraud.
Asked why action was not taken, finance minister in an interview with Prothom Alo said,
Political matters cant be discussed. But action will be taken surely.
The biggest share market scam took place during the last tenure of Awami League (1996-2001).
The scam case is still under trial.