Sharia bank caught circulating counterfeitsOctober 5, 2014
Islami Bank Bangladesh, Ltd. (IBBL) has distributed counterfeit currency to a garment manufacturer that made a withdrawal to pay its employees’ wages, according to local police.
IBBL, the biggest sharia-compliant bank in Bangladesh, has previously been implicated by the government for diverting profits to terrorist groups as a form of corporate zakat, and is currently under a national investigation for its expenditures. The counterfeit scheme raises the possibility of wider fraudulent activities by IBBL that even previously suspected.
From the Dhaka Tribune on Sep. 14 (h/t Munazir):
Fake notes distributed by Islami Bank
The incident is brewing anger and distrust among that bank’s subscribers
Garments company Lumbini Ltd withdrew Tk50 crores to pay its employee-salary from Bandarban Islami Bank on Thursday September 11 in which thousands of bank notes were found to be fakes.
The company paid employee salary to its 24 sections, out of which the Finishing Section received 500k sixty three thousand where the most number of notes were found to be fakes.
On Saturday, after joining work, the employees complained about the fake bank notes which prompted the company to recover 1,000 fake notes from its 26 employees. Later, those 26 employees were repaid with genuine notes.
The latest news is that police is seizing all the paid salary. They believe, more fakes may be recovered once the seizing process is completed. Police has tightened security around the garments.
The incident is brewing anger and distrust among that bank’s subscribers.
Islami Bank Bandarban branch Manager Nurul Hossain Kauser has denied any allegation of distributing fake bank notes. Among Bandarban Hill Tracts’ 7 upazillas, there is only one of Islami Bank branch at Bandarban town’s Masjid building.
Many other Islami Bank subscribers are coming out saying they also received fake notes from the bank before…