Bangladesh Commerce Bank is under the control of S Alam Group, which holds 51% of the bank’s shares and has appointed its own chairman and managing director. The bank has 1,300 crores stuck in banks and financial institutions owned by S Alam Group, with 610 crores trapped directly and another 700 crores in institutions linked to S Alam and Prashant Kumar (PK) Halder. The bank’s funds, totaling approximately 615 crores, are blocked across Islami Bank (230 crores), Union Bank (140 crores), Social Islami Bank (100 crores), and First Security Islami Bank. Additionally, 700 crores are stuck in various financial institutions: 290 crores in Aviva Finance, 154 crores in People’s Leasing, 147 crores in International Leasing, 71 crores in Bangladesh Industries and Finance Company, 20 crores in FAS Finance, 8 crores in Premier Leasing, and 9 crores in First Lease Finance. The number of bank employees has increased from 400 to 1,000 since 2016, with new branches and booths established. There are calls for a swift investigation into why the government and its institutions, which own the majority of the bank, have been inactive, and to address the corruption responsible for the bank’s current situation.
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