Sunday, 17 October, 2021

HC for actions against illegal lending institutions, individuals

HC for actions against illegal lending institutions, individuals

The High Court (HC) has asked the central bank to take legal actions against unauthorized institutions and people involved in lending money on usurious interest rates across the country.

 A High Court Division bench of Justice Abu Taher Md Saifur Rahman and Justice Md Zakir Hossain came up with the direction in the full text of its September 28 order. The court had come up with the order after holding hearing on a writ petition filed in this regard.

"I have received the three-page written order today, in which the court has asked the central bank to comply with its directions. The central bank would form a high-power committee, which will identify these lending companies and take legal actions," said petitioner Barrister Syed Sayedul Haque Suman.

The High Court in its September 28 order had asked the authorities concerned to immediately shut down the offices of unauthorised financial, microcredit institutions and cooperative societies. It had also asked Bangladesh Bank to form a special committee to investigate the activities of those companies.

Supreme Court lawyer Barrister Syed Sayedul Haque Suman on September 7 filed the writ, making deputy commissioners (DCs) and superintendents of police of 64 districts, among others, respondents in the plea.