The Bangladesh Bank has fined National Bank Tk 55 lakh as it tried to conceal loan related information of 11 persons, which is a gross violation of the  banking rules.

Nine of the 11 are the family members of Zainul Haque Sikder, the bank's former chairman, and two top executives of Sikder Group, according to a probe carried out by the central bank.

Rick Haque Sikder and Ron Haque Sikder, both directors of National Bank and sons of Zainul Haque Sikder, are also included in the list.

National Bank did not submit the loan information of credit cards used by the 11 persons.

Under the process, the bank allowed the persons to spend the depositors' fund beyond their foreign currency quota on the instruction of Sikder, who passed away on February 10 last year. 

Bangladesh Bank had fined Tk 5 lakh for each credit card as the bank had not submitted the relevant information to the Credit Information Bureau, said a BB official, wishing not be named. 

The banking regulator imposed the fine in December and this month, the official said.

The 11 persons spent a staggering $10.65 million (about Tk 91.4 crore) through international credit cards, in a serious breach of banking rules.

The amount was spent from 2017 to 2021 by nine family members of Zainul Haque Sikder, the bank's former chairman, and two top executives of Sikder Group.

The persons have just laundered money abroad through the credit card, the BB official said.

As per the BB rules, a Bangladeshi national can spend a maximum of $12,000 per year outside of the country through credit card.

But, the persons spent the amount from 2017 to 2021 when they were allowed to spend $660,000, or Tk 5.66 crore. 

Despite repeated phone calls by this correspondent, National Bank Managing Director Md Mehmood Husain could not be reached for comments.