The Centre for Policy Dialogue (CPD) on Saturday revealed that more than Tk 92,261 crore has been siphoned off from the country’s banking sector through various scams over the past 15 years from 2008 to 2023.

The independent think-tank disclosed the information in a media briefing titled 'Economy of Bangladesh 2023-24: Ongoing Crisis and Actions' at its Dhanmondi office in Dhaka on Saturday morning.

The funds were plundered through 24 scams in the banking sector from 2008 to 2023, CPD said.

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CPD noted that during the last several years, the banking sector has encountered several irregularities perpetrated by numerous business conglomerates and individuals, resulting in the misappropriation of substantial sums of money from several banks, amounting to thousands of crores of taka.

“CPD has compiled published news reports of 24 major irregularities in the banking sector from 2008 to 2023, which add up to an astronomically large amount of more than BDT 922.61 billion or more than BDT 92,261crore,” it said.

According to the CPD, the decision and disbursement of a significant number of loans are made under the guidance and directives of higher authorities within the bank.

Unfortunately, it has been observed that small borrowers have been subjected to legal consequences, including imprisonment, in instances where they fail to fulfil their financial obligations. However, large defaulters continue to remain unscathed, it observed.

The current state of the banking industry is precarious as it is plagued by fraudulent activities and irregularities. The incidents indicate a notable lack of proactive measures by the authorities to address the issue and establish a sense of order within the sector.

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Fahmida Khatun, the executive director of CPD, briefed the media about the prevailing economic crises and probable ways out, while distinguished fellow Mustafizur Rahman, research director Khondaker Golam Moazzem, and senior research fellow Towfiqul Islam responded to the media queries.