Uttara Finance MD removed for financial irregularities

The Bangladesh Bank on Thursday removed SM Shamsul Arefin, managing director of Uttara Finance and Investments, for his involvement in financial irregularities.

The Financial Institutions and Markets Department of the Bangladesh Bank informed the Uttara Finance chairman of the decision through a letter on the day.

Under Section 20 (3) of the Financial Institutions Act 1993, a special audit report carried out by chartered accountancy firm Rahman Rahman Haque on Uttara Finance found massive financial irregularities in the non-bank financial institution, the letter said.

Shamsul Arefin was removed from his post of managing director and chief executive officer of Uttara Finance for his involvement in irregularities, Md Serajul Islam, executive director and spokesperson of the Bangladesh Bank, said.

The central bank asked Uttara Finance to take action to secure the depositors' interest.

The Bangladesh Bank also asked the NBFI to take legal action against Shamsul Arefin, Serajul said.