About taka 30 thousand crores of the commercial banks defaulted by several customers are being shown as regularized in the CIB of Bangladesh Bank (BB).
When the commercial banks identified these customers as defaulter, they filed writ petitions to the higher courts. The higher courts put injunctions that these loans cannot be considered as default for certain times.
Though the customers were identified by CIB as defaulter but survived and are getting fresh loan taking the opportunity of court orders, learnt from the sources of Bangladesh Bank.
The source informed that politically influential customers are taking this chance maximum. A section of dishonest officials of the banks are also involved in these scams.
According to rules when a loan identified as default by the commercial banks or central bank, the customer can take shelter of the court and can get orders of the court not to treat the loans as defaulted.
The commercial banks should place their arguments in the higher courts against the writ for cancellation and if get positive orders it should be informed to the BB. The CIB of BB and the concerned banks shall have to show the loans as defaulted.
In the investigation of the central bank it was revealed that the commercial banks are not following the practice. When a defaulter gets the order of the higher court, the law section of the concerned commercial bank is not taking any step to vacate it. For this reason highest authority of BB has decided to investigate the loan files of 15 top defaulters of three banks as primary model case.
Government owned Janata bank, privately run AB and Al-Arafa Islami bank are those three bank which are under BB scanner. Three investigating teams have been formed by BB.
The investigation teams will look that whether the commercial banks took any legal step for vacating the injunction after the customers got court orders in their favor filing writ. If any fault or dilly- dallying of the banks are found, then concerned responsible officials will be brought to book.
The source informed that due to writ in the higher court, Taka 2500 crores of Janata bank, Tk. 1022 crores of Rupali bank, Tk. 538 crores of Basic bank, Tk 700 crores of Bangladesh Development Bank, Tk. 200 crores of Krishi bank, Tk. 144 crores of Rajshahi Krishi Unnayn bank and about Tk 7000 crores of other government owned banks’ defaulted loans are being regularized.
Besides, more than taka 2000 crores of National bank, taka 1500 crores of South-East bank, taka 800 crores of Commerce bank, taka 300 crores of Premier bank are being regularized making scope of fresh loan. The other banks including the new generation banks are also within this scam.
The source informed that the defaulters usually take this chance of writ favor on the eve of parliament and local body election. Getting a clean cheat from the bank or court they are making their nomination papers valid. However, if their writ is cancelled later but meanwhile they already cross the election hurdle.
Former Governor of the central bank Dr. Salehuddin Ahmed told Barta24, ‘Many banks are not taking proper steps against the defaulters paving way for easy sail by them. If there is any involvement of the bank officials in the scam with the defaulters is found proper punitive actions shall have to be taken.’
Much talked crescent group of Janata bank got the regularization order of the court after filing writ. However the writ was vacated taking legal step by the bank. Now the crescent group faces the huge loan as default making the default loan bigger. However there are many other groups those are in open air taking the stalled orders of the higher courts.
One high official of Janata bank told that there many things unclear in the law to recover or taking measures against the defaulters so the law must be made more clear.
The privately run AB bank is facing danger for giving mobile operator City Cell a loan of taka 1200 crores. As City Cell did not repay the loan it has become defaulter. Though the mobile operator got a temporary respite by filing writ but now they are defaulter.
There were some problems among the directors of Al-Arafa Islami bank however it has tide over the problem after the ownership changed.