The Bangladesh Bank has removed Shahidul Ahsan from the board of Mercantile Bank for violating the Money Laundering Act.
The letter regarding his removal was sent to the bank on Thursday, Shirajul Islam, spokesperson of Bangladesh Bank confirmed the matter.
He said that Ahsan took loan but did not spent for the declared purpose. He diverted money to other sector which is a violation of money laundering act. An investigation of Bangladesh Bank found it, he added.
Ahsan took loan of Tk10 crore from First Security Islami Bank and invested it in newly proposed Peoples Bank.