Graft-ridden BASIC Bank yesterday suspended Md Waliullah, the manager of its Gulshan branch, on charges of corruption, a senior official of the bank said.
Waliullah was 'stand released' on Monday and sent to the bank's headquarters.
“He has failed to perform his duty,” Major (retd) Ruhul Alam, a deputy managing director, said, adding that an investigation will be carried out soon.
Officials at the bank said, once Waliullah had a good relation with Sheikh Abdul Hye Bacchu, chairman of the board of directors. Bacchu recruited him from another troubled lender, Bangladesh Commerce Bank, early last year.
BASIC Bank hit the spotlight after the central bank detected irregularities involving more than Tk 4,500 crore in loans between 2010 and 2012. Of the loans, more than Tk 1,500 crore was disbursed from the Gulshan branch on weak documents, such as inflated mortgage prices, without assessing borrowers' creditworthiness.

Updated data of the bank shows, the Gulshan branch lent nearly Tk 3,112 crore in 2013 against the branch's deposit of Tk 695 crore. Its loan-deposit ratio (LDR) stood at an astonishing 427 percent, meaning the branch granted Tk 427 as loans against deposit of Tk 100. The permissible limit of LDR is only 85 percent.
Nonperforming loans of the branch reached nearly 18 percent of its total loans at the end of 2013.
Multiple attempts to contact Waliullah were unsuccessful.
Rabiul Alam Tipu replaced him as manager of the branch on Monday.