Bangladesh Bank identifies discrepancies at Al-Arafah Islami Bank
Bangladesh Bank (BB) has uncovered significant financial irregularities at Al-Arafah Islami Bank, including the misuse of its corporate social responsibility (CSR) funds. The central bank also found evidence of suspicious transactions involving two personal employees of the bank's former chairman, Abdus Samad Labu, along with unauthorized bonus payments for the managing director and other senior officials. Following a political shift in August last year, BB dissolved the bank's board, which was led by Labu, and appointed a five-member interim board.
