Bangladesh Bank has removed AKM Shaheed Reza from the board of Mercantile Bank due to his alleged involvement in loan scandal.

The banking regulator took the decision on Tuesday and issued an office order to this end.

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The Bangladesh Financial Intelligence Unite (BFIU), an autonomous entity to monitor money laundering, and the Financial Integrity and Customer Services Department, a wing of the central bank, have recently carried out investigations on the issue, said Md Serajul Islam, spokesperson and an executive director of the BB.

“The two entities found allegations that Reza had involved in the irregularities to manage loans violating the rules and regulations.”

 So, the central bank has taken the decision to remove him from the Mercantile Bank board, Islam said.

The BIFU and the central bank inspection teams unearthed that Reza had got a portion of loans, which were actually…

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