Ex-Padma Bank chairman faces ACC probe

The Anti-Corruption Commission in Bangladesh has launched an investigation into ex-banker Chowdhury Nafeez Sarafat for allegedly embezzling Tk 800 crore from Padma Bank (formerly Farmers Bank). Sarafat allegedly took control of the bank with help from intelligence and police officials. The bank, which faced previous irregularities totaling Tk 3,500 crore, was partially rescued by state enterprises. Sarafat resigned in January, and the bank agreed to merge with another in March. the daily star