ACC Investigates Eastern Bank Over Alleged Credit Card Embezzlement

The Anti-Corruption Commission (ACC) of Bangladesh has formally initiated an investigation into officials of Eastern Bank PLC (EBL) following allegations of financial misappropriation and the fraudulent issuance of credit cards. The probe focuses on the suspected embezzlement of 547,143 BDT and the subsequent financial harassment of individuals targeted by the scheme.

The decision to pursue a formal inquiry was ratified by the Commission recently, leading to 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, noting that the agency is examining a broader pattern of irregularities within the bank’s credit operations.

Nature of the Allegations

According to preliminary sources within the ACC, the core of the complaint involves the unauthorised issuance of credit cards in the names of individuals who had neither applied for nor consented to such facilities. It is alleged that Eastern Bank officials exploited internal systems to bypass standard verification protocols, effectively creating “ghost” accounts to siphon off funds.

The specific sum under scrutiny—547,143 BDT—is believed to have been withdrawn or utilised through these fraudulent instruments. Beyond the direct theft of capital, the ACC is investigating reports of “financial harassment,” where innocent individuals were allegedly pressured by the bank to settle outstanding balances on cards they never possessed. In several instances, victims reported receiving legal notices or experiencing a downgrade in their credit standing due to these fraudulent liabilities.

Mandate and Scope of the Investigation

The Commission has issued a strict set of directives to the relevant district office to ensure a thorough and time-bound inquiry. Under the current mandate, the investigating officers are required to:

• Audit Internal Records: EBL has been instructed to provide all relevant documentation, including credit card application forms, verification reports, and transaction histories associated with the disputed accounts.

• Identify Compromised Officials: The probe aims to pinpoint specific staff members within the credit and card divisions who possessed the authorisation levels required to override security measures.

• Submit Recommendations: Upon completion of the investigation, the team must submit a comprehensive report detailing their findings, along with legal recommendations and opinions on whether to file formal charges under the Prevention of Corruption Act, 1947, and the Penal Code.

The ACC has emphasised that the investigation must be concluded within the statutory timeframe prescribed by the commission’s rules, ensuring that the evidence is preserved and the perpetrators are held accountable.

Regulatory Context and Banking Integrity

This investigation comes at a time when the central bank, Bangladesh Bank, has been tightening its oversight of the digital and credit operations of private commercial banks. Fraudulent credit card issuance often points to a failure in the “Know Your Customer” (KYC) compliance framework and a lack of robust internal audit mechanisms.

Eastern Bank PLC, formerly known as Eastern Bank Limited, is a major player in the country’s retail banking sector. The outcome of this ACC probe is expected to have significant implications for the bank’s operational reputation and may prompt further regulatory audits by the central bank to ensure that such systemic vulnerabilities are addressed.

The ACC spokesperson reiterated that the commission remains committed to maintaining the integrity of the financial sector and will not hesitate to prosecute any official, regardless of their rank, if they are found to be complicit in the misappropriation of public or institutional funds. Further details regarding the specific branch or department involved are expected to emerge as the Dhaka Integrated District Office executes its discovery phase.