BB freezes 3 bank accounts over savings certificates fraud, launches probe
Fraudsters withdrew Tk25 lakh via the NSC system; BB blocked an attempt to withdraw Tk50 lakh more
The Bangladesh Financial Intelligence Unit (BFIU) of the Bangladesh Bank has frozen three bank accounts linked to a substantial fraud involving National Savings Certificates.
Officials confirmed that the central bank has launched a probe into the scam.
A fraud ring managed to embezzle Tk25 lakh by exploiting the National Savings Certificates system, with certificates purchased from Bangladesh Bank's Motijheel office in the city. Authorities were successful in blocking a subsequent attempt by the same group to withdraw an additional Tk50 lakh.
Keep updated, follow The Business Standard's Google news channel
In immediate response to the fraud, three officials at the Motijheel office who had access to the passwords have been removed from duty and are under surveillance. The computers used by these three officials involved in National Savings Certificates transactions have also been seized.
A general diary has been filed with Motijheel Police, and preparations are currently underway for a formal complaint.
Initial investigation suggests that the fraud occurred through an internal system breach, specifically by exploiting the passwords of officials responsible for operating the system.
Bangladesh Bank Assistant Spokesperson Mohammad Shahriar Siddiqui said it appears that the fraud happened through the use of personnel passwords.
Further investigation confirmed that the legitimate certificate holders had not applied for encashment and had not received necessary One-Time Passwords (OTPs), reinforcing the indication of an internal system breach.
The initial Tk25 lakh theft occurred after an individual purchased an NSC last Thursday [23 October] and redeemed it prematurely just four days later. The stolen funds were transferred to an NRBC Bank account in Dinajpur and subsequently withdrawn in cash from the Shyamoli branch in Dhaka.
The syndicate also tried to encash two more NSCs worth Tk30 lakh through Dutch-Bangla Bank and Tk20 lakh through NRB Bank, but these attempts were detected and successfully blocked by the Bangladesh Bank.
Shahriar Siddiqui confirmed that authorities are identifying the accounts into which the money was transferred and those involved, stating that a case will be filed.
In addition, a comprehensive Finance Ministry probe committee has been formed. This committee includes officials from the Internal Resources Division, the National Savings Directorate, the Bangladesh Bank, and the Criminal Investigation Department (CID).
