Shah Alam removed from charge of financial institutions

Bangladesh Bank has removed its executive director Shah Alam from charge of the bank's financial institutions and markets department after an allegation of covering up information of plundering a huge amount of money surfaced against him.

The central bank in an official order removed him from the charge on Thursday, confirmed the bank's spokesperson Md Serajul Islam.

He said, "He (Shah Alam) has been removed from the charge of financial institutions due to an allegation of irregularities surfaced against him."

Earlier, the central bank said it was looking into the irregularities and corruption allegedly committed by former deputy governor S K Sur Chowdhury and current executive director Shah Alam.

Serajul said the decision was taken on basis of the confessional statement of Rashedul Haque, former managing director of International Leasing and Financial Services Ltd (ILFSL), before the court today.

In his confessional statement, Rashedul said BB inspection officials were given around Tk 5 to 7 lakh every month as bribe to cover up the financial institutions' irregularities. 

BB financial institutions and markets department's former general manager and current executive director Shah Alam and former deputy governor of the bank S K Sur Chowdhury were involved in the wrongdoings, he said.

Earlier on January 23, a team of the Anti-Corruption Commission arrested Rashedul from Segunbagicha of the capital.