Police have found that the Bank of Bhutan froze the accounts of 45 individuals and withdrew funds from them without their knowledge. The action followed the bank’s complaint against a businessman who used Nu 191 M due to a system failure in March. The businessmen say they are paying the price for a banking system failure they had no role in.
Police are investigating a case involving a businessman in Thimphu who used funds beyond his account balance after a system failure at the Bank of Bhutan.
The bank mistakenly credited funds into his account and allowed transactions even after his balance went into the negative. The total amount involved, including both transactions and erroneous credits, is estimated at around 1.5 billion ngultrum.
Police say the individual continued making transactions and used about Nu 191 million to clear loans, settle debts, and make business payments to 45 individuals.
Police have taken the businessman into custody and say he could face charges of larceny for knowingly using money that does not belong to him.
Meanwhile, the individuals who received payments say they are bearing the consequences. They say the payments were part of legitimate business transactions. However, the bank has since reversed the payments and, in some cases, frozen their accounts.
They say the bank’s actions are unfair and that they are being penalised for a situation beyond their control.
“On 16th March, the bank deducted more than 500,000 from my account. When I went to inquire, they told me to speak to the businessman, and he told me to speak to the bank. We are left helpless and do not know what to do. Also, we were not given any prior notice,” said Kinley Penjor, a business owner in Thimphu.
“On March 16, I found my bank account was blocked, which caused serious inconvenience. When I contacted the bank, they told me to talk with the businessman. They said the issue would take time to be resolved as it is still under investigation,” said Ugyen Pelzang, another business owner.
Many affected business owners say the restrictions have disrupted their operations and left them struggling to access their own funds. They are calling for clarity and a fair solution as the investigation progresses.
The Bank of Bhutan has stated that the matter is still under investigation and that it cannot disclose further details at this stage. The Bank also says that there has been no security breach and that its systems remain stable and secure.
Deki Lhazom
