Bangladesh Financial institution yesterday ordered non-bank monetary establishments (NBFIs) to not disburse loans utilizing cheques of present accounts they’ve to take care of with the central financial institution.
Bangladesh Monetary Intelligence Unit (BFIU) and Anti-Corruption Fee (ACC) had found that the cheques have been utilized in a few of the main scams perpetrated within the NBFI sector, stated officers of the central financial institution.
Each NBFI has to have a present account with the central financial institution to take care of their money reserve ratio and statutory liquidity ratio.
The NBFIs are allowed to make use of the cheques once they wish to withdraw funds from the central financial institution or settle any inter-bank loans or liabilities equivalent to name cash.
Some delinquent NBFIs used the cheques to offer out loans to the scammers in order that no suspicion arose amongst watchdogs, defined a BB official.
Often no query is raised when cheques of present accounts with the central financial institution are positioned for withdrawal or switch of funds.
The cheques enabled the scammers to seamlessly withdraw funds from banks.
And this was what the swindlers capitalised on to siphon off funds, unearthed the BFIU and the ACC.
And this has prompted the central financial institution to ship letters to all NBFIs, barring them from disbursing any loans utilizing the BB present account cheques.
Prashanta Kumar Halder, also referred to as PK Halder, swindled a big amount of cash from 4 NBFIs utilizing the BB cheques.
Halder, a former managing director of NRB International Financial institution and Reliance Finance who’s believed to be residing in Canada on fleeing from Bangladesh, is without doubt one of the individuals liable for the susceptible scenario now plaguing the NBFI sector.
He and his associates siphoned off round Tk 4,000 crore to Tk 5,000 crore from 4 NBFIs — Worldwide Leasing and Monetary Providers, FAS Finance & Funding, Individuals’s Leasing and Monetary Providers, and Reliance Finance.
Falling sufferer to the scams lately, an excellent variety of the NBFIs are actually unable to repay depositors regardless of their funds reaching maturity.
Non-performing loans within the nation’s 34 NBFIs stood at Tk 11,757 crore as of September final yr, up 17 per cent year-on-year, reveals knowledge of the BB.