The Anti-Corruption Commission (ACC) of Bangladesh has formally initiated a probe into officials of Eastern Bank PLC (EBL) following serious allegations of financial embezzlement and the fraudulent issuance of credit cards. The investigation focuses on the suspected misappropriation of 547,143 BDT and the subsequent financial harassment of citizens targeted by the scheme.
The decision to launch this formal inquiry was recently ratified by the Commission’s leadership, resulting in the deployment of an investigative team from the ACC’s Dhaka Integrated District Office. A senior official of the anti-graft watchdog confirmed the development on Tuesday, 5 May 2026, stating that the agency will examine whether a broader pattern of systemic irregularity exists within the bank’s credit operations.
Nature of the Alleged Fraudulent Activity
According to preliminary findings by the ACC, the core of the complaint involves the unauthorised creation of credit cards in the names of individuals who had neither applied for nor consented to such facilities. It is alleged that compromised officials at Eastern Bank exploited internal administrative loopholes to bypass mandatory Know Your Customer (KYC) and verification protocols.
By establishing these “ghost” accounts, the perpetrators were allegedly able to siphon funds from the bank under the guise of legitimate consumer credit. The confirmed sum currently under scrutiny is 547,143 BDT.
Beyond the direct theft of capital, the ACC is investigating reports of “financial harassment” against innocent individuals. Victims, whose identities were stolen to facilitate the fraud, have reported:
Legal Intimidation: Receiving formal legal notices for debts they did not incur.
Credit Rating Damage: Experiencing a significant downgrade in their standing at the Credit Information Bureau (CIB) of Bangladesh Bank, which has hindered their ability to access legitimate credit.
Administrative Coercion: Persistent pressure from bank recovery departments to pay “settlement amounts” for fraudulent transactions.
Mandate and Scope of the Investigation
The ACC has issued a strict set of directives to ensure the inquiry is both comprehensive and time-bound. Investigating officers have been granted the authority to:
Conduct Forensic Audits: EBL is required to surrender all relevant digital and physical records, including original application forms, verification reports, and detailed transaction logs linked to the disputed accounts.
Identify Internal Complicity: The probe aims to pinpoint staff members within the credit and card divisions who possessed the authorisation levels required to override security measures.
Formulate Legal Recommendations: Upon conclusion, the team must submit a detailed report to determine if formal charges will be filed under the Prevention of Corruption Act, 1947, and the Penal Code.
The Commission has emphasised that the investigation must be finalised within the statutory timeframe to ensure evidence remains untampered and that accountability is swift.
Regulatory Implications and Banking Integrity
This investigation occurs during a period of heightened scrutiny by the central bank, Bangladesh Bank, which has been tightening oversight of digital banking and credit operations. The alleged issuance of fraudulent cards at a major institution like Eastern Bank PLC suggests a potential failure in internal audit mechanisms and a breakdown of the mandatory KYC compliance framework.
Eastern Bank PLC, a significant player in the nation’s retail banking sector, now faces a considerable challenge to its operational reputation. The outcome of the ACC’s probe may trigger additional regulatory audits by the central bank to identify and rectify systemic vulnerabilities across the wider industry.
The ACC spokesperson reaffirmed the Commission’s commitment to maintaining the integrity of the financial sector, noting that any official found complicit—regardless of rank—will face prosecution for the misappropriation of institutional funds. Further details are expected to emerge as the Dhaka Integrated District Office executes the discovery phase of the investigation.