Tk19 crore reportedly missing from Union Bank’s vault

A total amount of Tk19 crore has reportedly gone missing from the vault of the Union Bank's Gulshan branch.

During a regular visit on Monday, a team of Bangladesh Bank opened the vault and found a big discrepancy between the documents and the money kept in the bank's vault.

According to the branch documents, there is Tk31 crore in the vault. But the inspection team found Tk12 crore, said a central bank source.

The branch officials could not give any answer to the central bank inspection team about the remaining deficit of Tk19 crore.

ABM Mokammel Chowdhury, managing director of the bank did not receive call, when attempts were made to contact with him over phone.

However, Ali Hossain Bhuiyan, company secretary of Union Bank said to The Business Standard that, there was not such incident of inconsistency in the bank's vault.

However, he did not make any comment about inspection and visit of central bank's team.

Vault is bank's safe place for deposited money. According to rules, law enforcers have to be informed, if there is any disparity of money in the vault.

The bank did not file any complaint to law enforcers till now.

Sirajul Islam, spokesperson and executive director of Bangladesh Bank said to The Business Standard that every year Bangladesh Bank's team visit country's scheduled banks. But he has no information about Union Bank incident.

"However, if any such incident occurs, action will be taken in accordance with the rules and regulations."

It is to be noted that the Union Bank, which is in various crisis, is relying on the deposits of government institutions. At the end of last year, the bank's deposits were Tk17,271 crore, of which various government institutions had Tk4,127 crore.