Authorities must take stern action to stop scams and frauds

In an unprecedented move, directors of private commercial banks are now seeking protection from the government against what they say is negative reporting on the banking sector.

Bangladesh Bank has unearthed another string of scams at the Farmers Bank involving loans of around Tk 500 crore that were sanctioned to 11 companies in violation of banking norms and procedures. Of the amount, loans of more than Tk 367 crore that the bank's Motijheel branch gave to 10 of the companies from November 2013 to November last year have become defaulted. Some of the firms are either obscure or little-known.

An opposition MP in parliament urges Finance Minister AMA Muhith to retire right now, taking responsibility for massive damage in the country's economic and banking sectors.