DHAKA: Farmers Bank, a commercial bank of the country, Managing Director Chowdhury Moshtaq Ahmed was fined for his involvement in irregularities.

Bangladesh Bank fined the managing director for irregularities, a competent source from the bank confirmed this matter to banglanews.

Chowdhury was fined with Tk 10,000 for illegal payment of Tk 2 crore as office rent.

Former Home Minister Dr Mohiuddin Khan Alamgir is the chairman of the bank.

According to the source, this is the first time a high official of a bank is fined among the newly approved nine banks in the country.

The source said that ignoring the order of Bangladesh Bank, Farmers Bank MD Moshtaq paid a director Tk 1.92 crore as rent of the bank’s headquarters.

The rent was paid from September 2010 to March 2013. But there was no activity of the bank between these times. The bank earned primary license ‘letter of intent’ in April, 2012.

The source also said the bank’s headquarters is in Jabbar Tower in city’s Gulshan area. Azmad Rahman, an owner of the tower, is also a director of the bank. He is also a son of Dr Mohammad Atahar Uddin, another director and also vice chairman of the bank.

The bank took rent a space of 8,000 squire feet as its headquarters. Farmers Bank authorities wanted to get a Bangladesh Bank approval for the rent from September 2010 to April 2013.

But Bangladesh Bank approved the rent from April 2010 to March 2013 after the bank’s achievement of the letter of intent.

The Farmers Bank MD Chowdhury Moshtaq Ahmed paid all the rents ignoring the BB order. For this reason, BB authorities fined Moshtaq for disobeying the bank order.

Bangladesh Bank also ordered to return Th 1.92 crore paid money.

Chowdhury Moshtaq Ahmed was not available over telephone for making any comment.

BDST: 1605 HRS, JUN 30, 2014