Before the last parliamentary elections, an account named Mostak Traders was opened at Union Bank’s Banani branch on November 15, 2022, with an initial deposit of approximately 255.7 million taka through 17 transactions. By January 9, 2024, cash withdrawals from this account totaled around 720 million taka, primarily from the Gulshan branch, before the account was closed on August 20. Notably, a loan of 550 million taka was issued to Mostak Traders, which has since defaulted. Information related to the account has been deleted from the bank’s online database. Prior to the elections, bank officials reported witnessing multiple candidates and their supporters withdrawing funds from this account, which were viewed as government gifts for election expenses. The account was established without proper verification of the account holder’s identity, and despite the closure, a high-ranking official confirmed that many other accounts had their information deleted. Furthermore, regulatory requirements for reporting suspicious transactions were reportedly not met regarding this account. Currently, internal documents indicate that 42% of Union Bank’s loans are in default, with significant loans tied to the S Alam Group, accounting for 64% of the bank’s total loans.
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