Dhaka, Oct. 31 -- Standard Bank's Managing Director (MD) Md. Habibur Rahman has been accused of involvement in a major loan irregularity during his tenure as Additional Managing Director (AMD) at Union Bank.

According to a recent inspection report by Bangladesh Bank, he played a direct role in approving irregular loans worth around Tk 2,607 crore in favour of S. Alam Group while serving at Union Bank.

The Inspection Department-7 report shows that in the fiscal year 2021-22, Union Bank disbursed loans ranging from Tk 23 crore to Tk 148 crore to nearly 30 shell companies controlled by S. Alam Group, totaling Tk 2,607 crore.

Most of these loans have now turned classified (defaulted), and the majority of the companies do not exist in reali...