IFIC Bank, a private sector bank, has reportedly disbursed loans totaling approximately Tk 2,375 crore to five companies that are only a year old and appear to lack substantial business operations or verifiable addresses. These loans were granted with unusual speed and minimal documentation, raising concerns about the legitimacy of the transactions. For instance, two companies received over Tk 100 crore each within a month of opening their accounts. Despite claims of compliance with regulations, the bank has faced difficulties in loan repayments and delays, leading to substantial penalties. Investigations revealed that these companies showed questionable financial metrics and collateral, with estimates for future profits and assets deemed unrealistic. The situation is compounded by a broader issue of funds being withdrawn around election times, with previous instances of similar practices. The bank’s ongoing challenges with managing and verifying loans highlight potential financial irregularities and raise concerns about accountability and transparency in its operations.
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