If a company fails to export the goods, the liability for the goods imported by using a back-to-back LC falls on the bank. The bank then creates an extortionate loan against the customer.
The dues of Sharp Niting and Blithe Fashions are Taka 165.72 billion
The companies availed back-to-back LCs from SIBL’s Head Office at Motijheel, and Banani and Mirpur branches.
As the central bank investigates the scam, the Bangladesh Financial Intelligence Unit is working to trace the money – whether it was laundered abroad or not. The Directorate of Customs Intelligence and Investigation was also in the loop.
SIBL Managing Director Zafar Ahmed said the bank is considering filing a case against the customers and collecting the money by selling their properties.