DHAKA: State-owned Basic Bank chairman Sheikh Abdul Hye Bacchu resigned following the allegation of irregularities in loan disbursement against the bank surfaced.

Bacchu tendered his resignation letter to Finance Minister Abul Maal Abdul Muhith on Friday.

Bangladesh Bank (BB) sent letter to finance ministry asking to  dissolve its board of directors of BASIC bank in May 2014 over the allegation of massive financial irregularities involving around Tk4,500 crore in its three branches 2009 and 2013.

BB also removed the bank’s managing director on May 25 on the same ground.

BDST: 1437 HRS JULY 05, 2014