Bangladesh Bank on Monday allowed the removal of Farman R Chowdhury, managing director (MD) of Al-Arafah Islami Bank PLC.
After the approval of the central bank on Monday, the bank authorities relieved him from his duties.
Farman R Chowdhury was sent on compulsory leave last April. After a subsequent audit found evidence of multiple irregularities against him, the bank’s board of directors decided to remove him and sought permission from Bangladesh Bank.
According to bank documents, various charges have been brought against Chowdhury, including irregularities in recruitment, misuse of CSR funds, concealment of defaulted loans, showing profits without keeping security deposits, irregularities in agent banking activities, and receiving additional salaries and bonuses.
It is known that he also returned the additional money taken out of salary in the proof of the charges.
Bangladesh Bank executive director and spokesperson Arif Hossain Khan said: “Bangladesh Bank has agreed with the decision of the bank’s board of directors. Therefore, the removal of the MD has taken effect.”
Bangladesh Bank dissolved the bank’s previous board of directors in August last year after the fall of the Awami League government.
Later, a new board was formed under the leadership of independent directors.
Earlier, the bank was under the control of controversial businessman Mohammad Saiful Alam (S Alam) Group.
His brother Abdus Samad was the chairman of the bank at that time.
Bangladesh Bank’s recent inspection report also highlighted various irregularities and financial uncertainties at Al-Arafah Islami Bank.
