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BB steps up fight against LC frauds

Star Business Report
The central bank yesterday warned banks against purchases of fake trade bills, a phenomenon that threatens to undermine the banking system.
The warning comes in response to the precarious financial health of some banks, due to purchases of fake bills which have drained crores of taka out of them.
In a notice issued yesterday, Bangladesh Bank has forbidden decisions at branch level on purchases of bills --in local or foreign currency -- until
further notice.
The branches will have to take written permission from the head office to do such transactions, the regulator said.
The accommodation bills of letters of credit (LC), in any currency, must not be honoured without verification of the items, the central bank said.
Banks usually open LCs and purchase or discount or negotiate bills under LCs in genuine commercial and trade transactions of their borrowers. The problem arises, when trade transactions between two persons are
unreal.
The central bank said it has detected an increasing tendency to cash in LCs without any real trade taking place.
A senior official of a commercial bank said the fraud happens in two ways: firstly, influential businessmen exercise their influence to take out money against the LCs, and secondly, a section of bank officials assist the businessmen to do so.
A top central bank official said it occurs frequently. "We are taking
measures to stop this malpractice," he said.
"We have sought information from the banks. We will take necessary steps after we receive all information."
In May, Bangladesh Bank retrieved Tk 523 crore from four local banks on behalf of Sonali Bank after nonpayment for a transaction of Beximco Group.
Two sister concerns of Beximco Group -- Beximco Ltd and Bextex --transacted goods between themselves via LCs in takas.
Bextex, which was the seller, obtained an LC from Sonali Bank for the transaction, while the buyer Beximco Ltd committed to pay via four banks: Janata Bank, Agrani Bank, Rupali Bank and Exim Bank.
As it turns out, Beximco Ltd did not pay the four banks, and they, in turn, did not pay Sonali Bank.
Also in May, Sonali Bank relieved three of its senior officials of their duties for lending Tk 2,638 crore to a little-known Hallmark Group in a similar case.