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Sonali Bank was established in 1972 under the Bangladesh Banks (Nationalisation) Order, through the amalgamation and nationalisation of the branches of National Bank of Pakistan, Bank of Bahawalpur, and Premier Bank branches located in East Pakistan until the 1971 Bangladesh Liberation War. [10]
The Anti-Corruption Commission stopped its investigation into Islam and other former board members of Sonali Bank over the Hallmark-Sonali Bank Loan Scam in 2013 and 2014. [11] [14] The commission had investigated and questioned him and 11 directors of Sonali Bank. [15] [16] The board of directors had blamed Islam over the scam. [17]
In 2007, Agrani Bank, led by chairperson Siddiqur Rahman Choudhury, along with two other state owned banks, Sonali Bank Limited and Janata Bank Limited, were made into public limited companies. [ 7 ] As of 2009 [update] , the bank has 11 Circle offices, 34 Divisions in head office, 62 zonal offices and 941 branches including 27 corporate and 40 ...
However, the funds were still transferred out of the country, with Bangladesh Bank approving payments to SS Power's Chinese partner, SEPCO, based on fake invoices and fabricated documents. An investigation by The Daily Star revealed that 184 fraudulent invoices were uploaded on the Bangladesh Bank server via Rupali Bank , which managed the LCs.
Bangladesh became a member of the Organisation of Islamic Cooperation (OIC) in February 1974 and signed the charter for Islamic Development Bank in September that year. In April 1978, the 9th conference of OIC foreign ministers recommended for reorganizing the banking system of the member countries to Islamic operations systems gradually.
The Hallmark-Sonali Bank loan scam is a massive loan fraud that took place in Bangladesh between 2010 and 2012. State owned Sonali Bank's Ruposhi Bangla Hotel branch lent over 35 billion Bangladeshi taka ($454 million as of 2011) based on falsified documents. Little-known company Hallmark Group received the majority, nearly Tk 27bn ($344M ...
Ziaul Hasan Siddiqui was the chairman of Sonali Bank Limited. [1] He is a former deputy governor of Bangladesh Bank. [2] [3] In 2024, he was forced to resign from the position of chairman of Sonali Bank due to allegations of irregularities after the revolution of students in the wake of the quota reform movement in Bangladesh.
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