BASIC Bank Managing Director Kazi Faqurul Islam has been removed from his position on charges of irregularities and corruption.

Bangladesh Bank Deputy Governor S K Sur Chowdhury told bdnews24.com on Sunday evening that Islam had been removed because of corruption charges and a failure to comply with the MoU signed with the central bank.

“His term would have ended on June 8. We sent him a letter informing him of his removal in the afternoon,” he said.

Bdnews4.com has published reports on loan fraud and irregularities in recruitment and promotion at the state-owned bank.

The reports revealed that the bank’s board of directors had violated Bangladesh Bank’s directives and appointed and promoted unqualified people.

A Bangladesh Bank probe revealed that the bank had even violated its own recruitment rules.

The central bank also found loan frauds worth Tk 35 billion upon inspection at BASIC Bank’s Gulshan, Shantinagar and Dilkusha branches.

Unable to prevent the frauds, Finance Minister AMA Muhith recently announced that the Gulshan branch would be closed down.