AS per a news story published in a daily, the plunders of once state-owned healthy BASIC Bank have been highly awarded by the government for perpetrating the biggest loan scam that tumbled the bank a losing concern. The Bangladesh Bank’s stance and actions, sluggishness of the Anti-Corruption Commission in completing the probe and the Finance Minister’s incapability in bringing the fraudsters under legal system have proved that government is reluctant to the scams. Multiple investigations found that Sheikh Abdul Hye Bachchu, chairman of the bank at the time, literally plundered Tk 4500 crore with the help of Board of Directors between 2009 and 2013.
In 2015, the ACC filed 56 cases in connection with the scam, but ironically neither Bachchu nor any of the board members were named as accused. But as many as five bank officials, a couple of whom only followed orders and had little to do with the decisions, were hauled off to jail. That means the Bachchu gang prevailed. Even after the scam was surfaced, he bought 11 deep-sea fishing trawlers with Tk 150 crore. In the meantime, most of his mates, the Board of Directors, have been promoted to higher positions in different ministries and other government bodies. It is a glaring example of how the protectors of a bank turned predators.
The ACC had arrested at least 14 people, including eight businessmen, one surveyor and five high-ups of the bank. All but the bank officials managed to secure bail from the High Court. Being disappointed at the sluggish probe and ACC’s failure to catch the big fish, the HC last week marked the case progress ‘disgraceful’. Earlier in July last year, the HC ordered the ACC to look into Bachchu and other director’s involvement in the scam. After that, Bachchu has since been quizzed five times. The Commission also questioned all the then board directors. However, the ACC seems to have found nothing to charge them. It is highly astonishing.
We know law is equal for all; but fact is that all are not equal in this country. Bachchu and his cohorts live above the legal system. When rules of law bent for the rich and political clouts, the ordinary people become victims of utmost repression.
