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Bangladesh Bank yesterday decided to dissolve the board of directors of the Uttara Finance and Investments over major financial irregularities involving Tk 5,100 crore it had unearthed two years ago.
As IPDC turns 40 today, we take a look back at how the institution gracefully laid out the path, as a leader, of how financial institutions should work for the people and with the people
Uttara Finance & Investments Ltd: BB probe reveals Tk 5,100cr scam Irregularities done by board, management in loan disbursement and mobilisation of deposits When one applies for a loan from any financial institution, the lender has to make sure that the loan application goes through at least five layers of scrutiny. But Uttara Finance and Investment Ltd (UFIL), a non-bank financial institution, has not followed any of the procedures in disbursing a huge amount of loans. For instance, it gave Tk 336 crore loans to Uttara Motors and other concerns of Uttara Group without any credit proposals, ...