Social Islami Bank hid Tk 7,924 crore in bad loans

Social Islami Bank Ltd (SIBL) reportedly concealed Tk 7,924 crore of its Tk 9,568 crore default loans in 2023, according to a Bangladesh Bank inspection. The bank showed only Tk 1,644 crore on its balance sheet and kept insufficient provisions. SIBL’s managing director claimed ignorance of the concealment. This revelation follows protests by bank employees demanding the board’s dissolution, alleging embezzlement and money laundering by the S Alam Group, which holds a majority stake in SIBL. Daily Star