Hallmark-Sonali Bank Loan Scam

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 USD 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

References

  1. ↑ Allchin, Joseph (2016-04-11). "Bangladesh's Other Banking Scam". The New York Times. ISSN 0362-4331. Retrieved 2017-01-27.
  2. ↑ "Hallmark chairman violates bail condition but enjoys free life | Daily sun". www.daily-sun.com. Retrieved 2017-01-27.
  3. ↑ "From cancer to pimple". The Economist. 2014-04-19. ISSN 0013-0613. Retrieved 2017-01-28.
  4. ↑ "Five state-owned banks in poor condition". Prothom Alo. Retrieved 2017-01-28.
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