Loan Scam: BASIC Bank sacks DMD

State-owned BASIC Bank's Deputy Managing Director A Monayem Khan was sacked yesterday over the bank's loan scam.

He was dismissed on completion of all official procedures, BASIC Bank Chairman Alauddin A Majid told The Daily Star.

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Monayem had been suspended from his job in April 2014.

Last year, the Anti-Corruption Commission filed 56 cases over irregularities in disbursements of loans of around Tk 4, 500 crore from several branches of the bank. Monayem Khan is accused in 35 of the cases.

Fourteen Basic Bank officials, including four deputy managing directors and three general managers, have been dismissed over the scam.

One of the best-run banks until 2009, BASIC Bank was entangled in financial irregularities following Sheikh Abdul Hye Bacchu's appointment as its chairman that year.

In 2012 and the next year, Bangladesh Bank in inspections detected the embezzlement of Tk 4,500 crore from the bank.