Zabaniyah
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The Sonali-Hallmark scam happened out of the issue of a letter of credit issue. Bangladesh Bank knew what was going on for a long time, but they did not take action.
They said that they were going to import this and that much amount, and will pay. They sold nothing but paper That's how they illegally siphoned off the money.
Interestingly, how private and state-owned commercial banks are to report their LC transactions (including issue, shipping and payment details) are very rigorous and highly strict. These more stringent central bank regulations occurred after the AL came to power.
Incidentally, Hallmark's managing director happens to have close relations with the Sheikh family.
They said that they were going to import this and that much amount, and will pay. They sold nothing but paper That's how they illegally siphoned off the money.
Interestingly, how private and state-owned commercial banks are to report their LC transactions (including issue, shipping and payment details) are very rigorous and highly strict. These more stringent central bank regulations occurred after the AL came to power.
Incidentally, Hallmark's managing director happens to have close relations with the Sheikh family.