SouthEast Bank has been embroiled in a major financial scandal involving embezzlement, irregular recruitment, fund mismanagement, and loan-related anomalies. Following the change in government, internal audits and Bangladesh Bank inspections revealed these irregularities. Three key officials—Wares Ul Matin, Mohammad Tanvir Rahman, and A.K.M. Nazmul Haider—resigned amidst the findings. Wares Ul Matin oversaw seven departments, Mohammad Tanvir Rahman led Corporate Affairs and CSR, and Nazmul Haider served as Company Secretary. The bank’s former chairman, Alamgir Kabir, remained influential despite a large fine for securities law violations. Under his tenure, promotional expenses worth BDT 22 crore were misused, funneled to Inbox Communication without board approval or proper documentation. Investigations found no trace of the company at the listed addresses, and media outlets, including Maasranga Television, denied receiving payments for ads. Additionally, BDT 6 crore allocated for blankets lacked proper records, with procurement routed through an unrelated firm. The Agent Banking division, under Wares Ul Matin, lost BDT 6.5 crore due to unauthorized stock market investments. Further misappropriation included BDT 3.5 crore for branch branding and renovations that never occurred. Despite resigning, Matin claims signatures were forged for fund withdrawals. Former chairman Alamgir Kabir, his wife, and son-in-law were fined a total of BDT 19.5 crore for insider trading involving Bay Leasing. They exploited regulatory loopholes to maintain control. These findings highlight deep-rooted corruption and regulatory failures within SouthEast Bank, prompting action from Bangladesh Bank.
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