Sheikh Abdul Hye Bachchu
Sheikh Abdul Hye Bacchu | |
|---|---|
| Occupation(s) | Politician, businessman |
| Known for | Member of Parliament for Bagerhat-1, Chairman of Basic Bank |
Sheikh Abdul Hye Bacchu is a politician affiliated with the Bangladesh Jatiya Party and previously served as a member of parliament representing Bagerhat-1.
Career
In 1988, Bacchu secured a parliamentary seat from Bagerhat-1 as a candidate for the Jatiya Party. He has asserted having a close relationship with Prime Minister Sheikh Hasina. By 2011, he had established Eden Fisheries Ltd, a company specializing in deep-sea fishing, and by 2013 expanded its fleet to 11 vessels with an investment of 1.5 billion taka.
Between September 2009 and 2013, he held the position of chairman at Basic Bank, a government-owned financial institution.
Controversy
While Bacchu was chairman of Basic Bank, embezzlement exceeding 20 billion taka occurred. In 2015, the Bangladesh Anti Corruption Commission initiated 56 legal cases concerning corrupt practices at the bank. According to Bangladesh Bank, the total misappropriation during his leadership from 2010 to 2013 reached 45 billion taka. The High Court mandated an inquiry into Bacchu’s suspected role in the Basic Bank scandal in July 2017.
The Anti Corruption Commission conducted initial questioning of Bacchu in December 2017 and followed up in January 2018. Investigations uncovered that firms with fraudulent loans transferred 200 million taka into accounts connected to Bacchu’s younger sibling, Sheikh Shariar Panna, who allegedly managed loan facilitation while receiving substantial "consultancy fees." The Finance Minister of Bangladesh, Abul Maal Abdul Muhith, held Bacchu’s management responsible for the extensive financial irregularities at Basic Bank.