ISLAMABAD: The National Bank of Pakistan (NBP) has taken action against 11 officials for their involvement in around Rs 12 billion irregularities. The accused include four Pakistani and seven Bangladeshi officials.
According to documents available with Customs Today, the NBP detected irregularities, including untimely and improper classification of loan accounts in the light of Bank of Bangladesh circular no: 05/2006 dated 22-06-2006 and 02/2005 dated 15-02-2005. Appropriate securities were not obtained against the sanctioned limits to fully secure the bank’s interests.
The account of interest was not carried out as per instructions and guidelines in the Bank of Bangladesh circular No 05/2006 dated 22-06-2006 and 02/2005 dated 15-02-2005 instead it was taken into the branch’s income account. Frequent enhancement of limits was allowed without reasonable justifications.
The outstanding balance of two classified accounts was transferred from Moti Jheel branch to Gulshan branch and later both accounts were transferred to Moti Jheel branch without any justification. Limits were enhanced frequently, but an additional charge on mortgaged properties was not created with the authorities concerned.
Requisite monitoring of stock was not observed. Mostly payment loan accounts never got adjusted and were renewed against partial payment of interest amount. Insurance policies were not arranged in a few loan accounts.
According to the documents, Pakistani officials are: QSM Jahanzeb, ex-vice president (then general manager); Farooq Abbas, senior vice president (then general manager Bangladesh); Farooq Zulfiqar, additional vice president (then manager Chittagong and Gulshan Branch Dhaka); and Munawar Hussain Gopang, AVP/regional coordinator OBU, Bahrain.
The documents show that the Overseas Banking Group has been asked to initiate criminal proceedings against Jahanzeb.
While SVP/A&AIG HQ Hamid Masood has conducted an inquiry and submitted his report against Farooq Abbas and Farooq Zulfiqar. Now the case is ready for submission before the Disciplinary Cases Committee.
The documents further disclose that Munawar Hussain Gopang has submitted his reply and the case is under submission.
Similarly, the Overseas Banking Group has been advised to lodge criminal complaints against the Bangladeshi officials.
The officials include ASM Munirul Islam, SDGM Moti Jheel Branch Dhaka; Fehmida Saeed Saki, AGM Moti Jheel Branch Dhaka; Salim Ullah, FAGM/Credit Head Quarter Bangladesh; Ghulam Nabi, Moti Jheel AGM; Kazi Nizamul Islam, AGM/Manager Chitagong Branch; Prodip Gain, SEO Moti Jheel Branch Dhaka; and Masood Kazim Khan, AGM.
