Hallmark-Sonali Bank Loan Scam
 | This article provides insufficient context for those unfamiliar with the subject. (January 2017) |
Hallmark-Sonali Bank Loan Scam was a scam perpetrated by the largest State Owned Commercial Bank (SOCB) of Bangladesh, Sonali Bank by giving a loan of BD Taka 3400 crore (almost US$454 million[1]) using scam documents between 2010 and 2012.[2]
The loan scam occurred when one branch of Sonali Bank illegally gave out $454 million in loans, including nearly $344 million to Hallmark Group, a textile business. Tanvir Mahmud, Hallmark's managing director, connived with a branch manager to issue fraudulent letters of credit to fictitious companies.[3][4]
See also[]
- Corruption in Bangladesh
- Padma Bridge Scandal
- 2011 Bangladesh share market scam
References[]
- ^ Allchin, Joseph (2016-04-11). "Bangladesh's Other Banking Scam". The New York Times. ISSN 0362-4331. Retrieved 2017-01-27.
- ^ "Hallmark chairman violates bail condition but enjoys free life | Daily sun". www.daily-sun.com. Retrieved 2017-01-27.
- ^ "From cancer to pimple". The Economist. 2014-04-19. ISSN 0013-0613. Retrieved 2017-01-28.
- ^ "Five state-owned banks in poor condition". Prothom Alo. Retrieved 2017-01-28.
Categories:
- Political scandals in Bangladesh
- Banking in Bangladesh