The Basic Bank embezzlement was not the sole work of Abdul Hai Bachchu but involved high-ranking government officials, the Bangladesh Bank, the Ministry of Finance, and the bank's board of directors. Bachchu, a favorite of the former Prime Minister’s family, led the plunder during his tenure as Chairman from 2009 to 2014, which resulted in a massive loss of around 4,500 crore Taka. Many of the board members during this period were top government officials, including the acting secretary of the Ministry of Women and Children Affairs, the chairman of the Bangladesh Small and Cottage Industries Corporation, Ministry of Finance officials, former customs commissioners, and Awami League leaders. The combined conspiracy of these individuals led to the bank's exploitation, with 64% of its loans turning bad, causing significant financial loss.

Bachchu, appointed as Chairman on September 10, 2009, oversaw widespread irregularities and corruption, leading to a default of loans that further weakened the bank's financial foundation. Despite the misconduct, many of the board members were later promoted and given important government positions, including former secretaries, commissioners, and other high-ranking officials. Only two directors, certified accountant Kamrul Islam and former Additional Secretary A.K.M. Rezaur Rahman, protested the corruption.

Additionally, 16 corruption cases were filed over the bank’s loan scandal, and three investigators were summoned by the court for presenting flawed reports, failing to take action against the board members. Analysts have argued that not just Bachchu, but the entire board and senior bank officials were involved in the scam. There have been calls for asset audits and bringing them to justice. The Ministry of Finance, Bangladesh Bank, and related government authorities are also being directly implicated in the scandal.

Dr. Mustafa K. Mujeri, former Director-General of the Bangladesh Institute of Development Studies (BIDS), stated that it was a vast conspiracy involving Basic Bank, the Ministry of Finance, Bangladesh Bank, businessmen, and senior government officials. It is essential to bring the members of this syndicate to trial to cleanse the country’s banking sector.