Bangladesh Bank has uncovered a massive fraud involving the sale and purchase of dollars with Islami Bank. The central bank sold dollars to Islami Bank at a lower rate and then bought them back at a higher price on the same day, resulting in a loss of over 54 crore taka. This incident occurred shortly after the implementation of a new foreign exchange rate system.
An internal investigation has pointed fingers at former Governor Abdur Rauf Talukdar for allegedly facilitating the fraud to benefit Islami Bank, which is linked to the S. Alam Group. The investigation found that the bank manipulated deal dates to exploit the new exchange rate system, causing significant losses to the central bank. The fraud involved irregularities in the foreign exchange dealing process, including the delayed submission of transaction details to the back office. Bangladesh Bank officials have admitted to procedural lapses and a lack of oversight in the foreign exchange department. The incident has raised serious concerns about the integrity of the financial system and the ability of the central bank to protect public funds
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