Al-Arafah Islami Bank has removed its managing director Farman R Chowdhury on allegation of various irregularities and poor oversight.
The Bangladesh Bank has also approved his dismissal on Monday.
BB spokesperson Areif Hossain Khan said that the bank鈥檚 board had recommended his removal, which the central bank later approved.
In April this year, Chowdhury, along with three other officials, was sent on forced leave for three months.
They were deputy managing director and chief financial officer Mohammad Nadim, DMD and head of IT Division Aminul Islam Bhuiyan, and head of Treasury Md Abdul Mobin.
The bank鈥檚 special investigation revealed various anomalies involving Farman R Chowdhury which聽 included serious irregularities in recruitment, misuse of CSR funds, concealment of non-performing loans, showing profits without maintaining a security provision, irregularities in agent banking services, and approving excessive bonuses and salary hikes.
Additionally, he received extra money beyond his salary, which he did not return.