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Hall Mark

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Submitted By parvezdp
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A writ petition filed with a High Court bench sought a direction to the government to constitute a judicial commission to investigate and ascertain the truth about the ‘blame game of the Sonali Bank loan scam’ in order to award exemplary punishment to the perpetrators and abettors of the scam.
The petition, filed as public interest litigation jointly by three Supreme Court lawyers Read more
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Tagged: hallmark loan scam, sonali bank loan scam
Sonali to sue culprits
September 11, 2012 by admin · Leave a Comment
Tk 3,606cr Swindle
Sonali to sue culprits
The finance ministry yesterday asked the Sonali Bank to file criminal cases against the officials of the bank and Hall-Mark Group involved in the recent loan scam.
The bank and financial institutions division of the ministry in a letter directed the bank’s management to take “departmental and legal action” against the top Read more
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Tagged: hallmark loan scam, hallmark scam, sonali bank scam, sonali loan scam
Muhith says sorry
September 7, 2012 by admin · Leave a Comment
Loan Remarks
Muhith says sorry
Sonali board’s role questioned
Facing a barrage of criticism from both in and outside of parliament, Finance Minister AMA Muhith yesterday made an apology for his remarks on the Sonali Bank loan scam that the Tk 4,000 crore swindled by Hall-Mark Group was a paltry amount.
“I should not have made the remarks on that day [Sunday]. I am seeking apology. I’m Read more
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Tagged: hallmark loan scam, loan remark, muhith says sorry, sonali bank loan scam
Nonsense!
September 5, 2012 by admin · Leave a Comment
Hall-mark scam
Nonsense!
Muhith ridicules media outcry; experts shocked
Finance Minister AMA Muhith’s comments yesterday on the Sonali Bank loan scam — that the swindle of Tk 4,000 crore was a trivial amount –surprised many, including a former minister, an economist and a banker.
“Here, my banking crisis — which is not a crisis at all,” Muhith said.
“It is a matter of Tk 3,000 or Tk 4,000 crore. Nonsense! But you [media] are harming the Read more
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Tagged: hallmark loan scam, hallmark scam
Two Sonali Bank DMDs made OSD
September 5, 2012 by admin · Leave a Comment
Two GMs also removed
The government on Tuesday made Sonali Bank Limited deputy managing directors Atiqur Rahman and Mainul Haq officer-on-special duty following the bank’s financial scandal in siphoning out around Tk 3,600 crore by the Hallmark Group.
The ministry of finance in an order on the day made the officials of the state-owned bank Read more
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Tagged: hallmark loan scam, sonali bank, sonali bank loan scam, sonali loan scam
Sonali to ask Hallmark to refund half of the money in 15 days
September 4, 2012 by admin · Leave a Comment
Hallmark Scam
Sonali to ask Hallmark to refund half of the money in 15 days
Sonali Bank will ask the Hallmark Group to refund in 15 days half of the Tk 2,668.38 crore they embezzled from one of its branches, the bank’s director Kashem Humayun, told journalists on Monday.
‘The board is not considering the amount of Tk 2,668.38 crore taken by Hallmark as loan rather the money has been embezzled. We have decided that the bank will send a letter to Read more
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Tagged: hallmark loan scam
Modasser may be quizzed
September 3, 2012 by admin · Leave a Comment
Sonali Loan Scam
Modasser may be quizzed
Anti-graft body interrogates Hall-Mark bosses
The Anti-Corruption Commission will quiz Syed Modasser Ali, health adviser to Prime Minister Sheikh Hasina, as part of its ongoing investigation into the Hall-Mark loan scam.
ACC Commissioner Md Badiuzzaman, acting chairman of the anti-graft body, yesterday officially informed journalists that the adviser’s name had come up during their probe into the Tk 3,547 crore Read more
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Tagged: hallmark loan scam, sonali loan scam
Sonali moves to suspend 2 top managers
September 3, 2012 by admin · Leave a Comment
Sonali Bank has recommended that the government take “proper action” against two of the bank’s deputy managing directors over the Hall-Mark loan scam.
The bank’s letter to the finance ministry yesterday did not mention any name but referred to a Bangladesh Bank directive, according to which the two DMDs are Atiqur Rahman and Read more
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Tagged: hallmark loan scam, sonali loan scam
Janata, Agrani too partners in crime
September 2, 2012 by admin · Leave a Comment
Hall-Mark Loan Scam
Janata, Agrani too partners in crime
Finds central bank inspection
State-run Janata Bank and Agrani Bank breached banking rules to provide loans to the textile company Hall-Mark Group in connivance with Sonali Bank, helping embezzle crores of depositors’ money, the central bank has found. Janata’s corporate branch located at Janata Bhaban and its local office in the city, the principal branch of Agrani Bank Ltd and the Sonali Bank Read more
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Tagged: hallmark loan scam
17 Sonali Bank officials suspended
August 31, 2012 by admin · Leave a Comment
Hallmark Loan Scam
17 Sonali Bank officials suspended
State-owned Sonali Bank Limited on Thursday suspended 17 officials for their alleged links to the biggest financial forgery in recent times by Hallmark Group.
The suspended officials include six officers of the Rupashi Bangla branch of Sonali Bank from which Hallmark Group siphoned off more than Read more
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Tagged: hallmark loan scam
ACC grills five more Sonali Bank officials
August 31, 2012 by admin · Leave a Comment
Hallmark Loan Scam
ACC grills five more Sonali Bank officials
The Anti-Corruption Commission on Thursday interrogated five more officials of Sonali Bank about the alleged misappropriation of Tk 3,500 crore by the Hallmark Group.
They are Sonali Bank’s deputy general managers Hadayet Ullah, Sabita Seraj, HM Ghulam Nabi Manik, Ashraf Ali Patwari, and senior executive Read more
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Tagged: hallmark loan scam
Hallmark thrived on Sonali loan
August 31, 2012 by admin · Leave a Comment
An ex-manager found to be in thick of scam
Sonali Bank’s Agargaon branch in Dhaka has helped Tanvir Mahmud to turn Hallmark into a business giant through misappropriating the bank’s money, bank officials have said.
M Khairul Alam, manager of the branch for 2004-08, gave Tanvir, his associates and a cooperative society of Agargaon over Tk 5 crore loans without the required documents. More than half the Read more
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Tagged: hallmark loan scam
BB for reconstituting Sonali Bank board
August 28, 2012 by admin · Leave a Comment
Failure To Stop Loan Scam
BB for reconstituting Sonali Bank board
The central bank yesterday requested the finance ministry to reconstitute the board of directors of Sonali Bank Ltd for its failure to stop Tk 3,832-crore loan scam.
In a letter to the finance minister, Bangladesh Bank Governor Atiur Rahman said the nature of the irregularities at the state-run commercial bank was very Read more
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Tagged: bangladesh bank, hallmark loan scam, sonali bank
Hallmark Loan Scam
August 27, 2012 by admin · Leave a Comment
Sonali Bank asked to suspend 31 officials
The central bank has directed Sonali Bank to suspend 31 of its officers including two deputy managing directors by Thursday for their involvement in the Tk 3,547 crore loan scam.
In a letter, Bangladesh Bank yesterday asked the managing director of the state-run commercial bank for taking action against those officials so that they could not affect the activities of the Read more
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Tagged: hallmark loan scam
Report blames Sonali Bank’s delayed probe
August 23, 2012 by admin · Leave a Comment
Hallmark Loan Scam Audit
Report blames Sonali Bank’s delayed probe
A mysterious delay in starting the internal probe into a loan scam of state-owned Sonali Bank had created a scope for the bank to unethically disburse Tk 1,860 crore as loan, said a functional audit report.
Although the bank’s managing director had approved the internal inspection in January this year, the enquiry took until March to commence while its report was submitted in Read more The minister has a Hallmark moment |

The Hallmark scam involves a dodgy loan made to the company by the nationalised Sonali Bank. |

| | Abul Maal Abdul Muhitht's the gift that keeps on giving. The comic timing of this government is priceless. If I didn't know better, I would suspect that they time things for the maximum possible laughs.How delicious is that the very same week that the government changed the law to bring Grameen Bank under greater government control, all the while sending its earnest emissaries on air to argue that greater government control of banks is a good thing in this day and age, don't you know, that a massive banking scandal centering on one of the government's remaining nationalised banks would come to light, making their arguments look even more preposterous and laughable than before.I mean, what are the odds?Well, possibly, the odds are quite high, if corruption is as rampant as critics of this government contend. But nevertheless, the revelation of the scandal, which had been unfurling since April, seemed to be timed perfectly to make the government look even more foolish than normal.Not that it needs much help in that capacity. No sooner had the Tk 4,000 cr scam been brought to light, than the finance minister was on the air, blustering that it was a small matter, and criticising the media for fixating on such trivialities.You can't make this stuff up. And the honourable minister's subsequent speech in Parliament, where he said that he was going to limit his words because he had been cautioned not to talk too much, was pure comedy gold.It makes me wonder who's scripting his lines. If thisfinance minister gig doesn't pan out, it seems to me that Abul Muhith has a promising future in stand-up. Perhaps he's being fed lines by Naveed Mahbub, the country's most celebrated comedian. Sometimes I think the only place we could find more clowns would be at the circus.But it gets better. What are the odds that the company involved in the Sonali Bank scam would be called something as awesome as Hallmark? It's too perfect. You may supply your own joke about the finance minister and his Hallmark moment.But, of course, none of this is any laughing matter, and the joke is really on us, the long-suffering citizenry of this nation. When the dust settles we will find that it is we who are laughing on the other side of our face.The slow-motion government takeover of Grameen Bank is no joke. It's a tragedy. Not content with ousting Dr Yunus, the government has now gone to war against the nine directors elected by the bank's owner/borrowers. It is as unnecessary and small-minded as it is counter-productive.What makes Grameen Bank special is that it is a billion-dollar financial institution owned by its members, eight million poor rural woman, who have contributed 97% of the bank's capital (as against 3% kicked in by the government, which nevertheless retains 25% of the board seats), something unique in the world.There is nothing stopping the government from amending the Grameen Bank ordinance, as it has done, to put more power in the hands of the government-appointed chairman and less in the hands of the elected directors, but it is an unjust and unwise policy.The Hallmark scam is no joke, either. It is a national disgrace, and one that we are sadly all too familiar with in Bangladesh. Once again, we have a dodgy loan made by a nationalised bank, with bank officials paid off to look the other way as taxpayer money is siphoned off to fill the pockets of a fortunate few. As has been pointed out, Tk 4,000 cr is fully 2% of the national budget.That the two crises should be juxtaposed together in such a manner is in some ways amusing. But the bigger picture which emerges is far from comforting. When taken together, what we have here is a government that is convinced of its own infallibility; even while evidence of its corruption and incompetence is everywhere you look.Honestly, I don't know whether to laugh or cry |

Hallmark loan scam under ACC probe
Several Sonali Bank officials involved in lending Tk 3,547cr to little known entities
Staff Correspondent
The Anti-Corruption Commission is investigating a state-run bank's illegal lending of Tk 3,547 crore to little-known Hallmark Group and five other companies, and the people involved in the scam.
The amount embezzled by the six entities is equivalent to almost 15 percent of the total estimated cost of the $2.9 billion Padma bridge project.
Bangladesh Bank has recently requested the ACC to dig into the matter after it found proof of massive irregularities in lending by state-owned Sonali Bank's Ruposhi Bangla Hotel branch from 2010 to May this year.
“It is necessary to check whether any director of the board was involved in the scam,” read a BB letter to the ACC chairman.
A central bank probe found that Sonali Bank high-ups, including a deputy managing director, a general manager and the branch manager, were directly involved in the scam.
“We are investigating the irregularities, but I cannot say how long it will take to finish the probe,” ACC Chairman Ghulam Rahman told The Daily Star yesterday.
He said the ACC set up an inquiry committee after the media published reports on the scam in May this year. Later, the commission received the letter from the central bank, he said.
The BB investigation found that Sonali Bank's Ruposhi Bangla Hotel branch lent Hallmark Group and five other companies Tk 3,547 crore between 2010 and May this year on fake documents. The businesses embezzled the whole amount that belongs to depositors in collusion with some bank officials.
Of Tk 3,547 crore, Hallmark Group alone took away Tk 2,686.14 crore, T and Brothers Tk 609.69 crore, Paragon Group Tk 146.60 crore, Nakshi Knit Tk 66.36 crore, DN Sports Tk 33.25 crore and Khanjahan Ali Tk 4.96 crore.
Of the six borrowers, Hallmark has been found to be the biggest fraudster.
On March 28 this year, Hallmark opened local letters of credit worth Tk 500 crore in favour of Anwara Spinning Mills, Max Spinning Mills and Star Spinning Mills to buy yarn. The three companies are also clients of the bank's same branch.
Following Hallmark's guarantee to repay the LCs, the bank purchased the acceptance bills and disbursed the money to the accounts of the three spinning mills.
A few days later, the three mills asked the bank branch to transfer the money to the account of Hallmark Group and the branch duly obliged. Later, Hallmark transferred the money to a current account of Century International, a concern of the group.
The probe found that the three spinning mills are fictitious.
The officials of the bank's Ruposhi Bangla Hotel branch breached the bank rules by giving loans beyond their permitted limits.
According to the bank's rules, a deputy general manager can buy a maximum of Tk 30 crore as acceptance bill from a group or organisation. But branch Manager AKM Azizur Rahman bought acceptance bill worth Tk 500 crore that was given to Hallmark Group on a single day.
The BB report said a general manager responsible for monitoring the branch's activities completely failed to carry out his duties. The report also found involvement of Md Mainul Haque, deputy managing director (international business), in the scam.
Humayun Kabir, who was the managing director of Sonali Bank from May 20, 2010 to May 19 this year, also failed to detect the scam in his bank.
Kabir could not be reached over the phone for comments despite repeated attempts.
Meanwhile, a member of the ACC inquiry team told The Daily Star that the main suspected culprits Hallmark Group managing director Tanvir Mahmud and his wife Group Chairman Jesmin Islam sought time to appear before the ACC.
“We'll ask them to appear before the commission after the Eid,” said the ACC official

Bangladesh bankers accused of biggest-ever scam

Bangladesh's anti-corruption agency on Thursday filed charges against 27 top bankers and business leaders in the country's biggest-ever banking scandal, officials said.
The embezzlement of 16 billion taka ($192 million) is alleged to have taken place through Sonali Bank, Bangladesh's largest state-run bank, between 2010 and May this year. The legal action came after the central bank found that Sonali had breached rules in paying out millions of dollars through one of its branches in the capital Dhaka to the Hallmark group, a textile firm. The accused include Tanvir Mahmud, managing director of Hallmark, his wife Jasmine Islam, who is the chairman of the group, and former Sonali Bank managing director Humayun Kabir. "This is the biggest banking plunder in the country's history," deputy director of the Anti-Corruption Commission Zainul Abedin Shibli told reporters. The scandal allegedly involved seven members of the Hallmark group and 20 bank officials, the deputy director said. The allegations of financial malpractice are the latest in a series of scandals in Bangladesh after a dramatic stock market crash in 2010/11 and a major pyramid scheme collapse. Sonali Bank, which has some 1,200 branches across the country, has already suspended 20 officials including two senior executives for their alleged role in the embezzlement.

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