The anomalies came to light after a Bangladesh Bank team visited the branch for an inspection on Monday.
The bank gave a “high-profile client” Tk 190 million from his own account against a cheque on Sunday evening after the regular transaction hours, and the central bank team found the anomalies the next day, said Deputy Managing Director Hasan Iqbal.
“The client has much more funds than this amount in his account. Such services are provided to big clients in the banking sector,” Iqbal said on Thursday.
He claimed the anomalies were adjusted by submitting the cheque in the presence of the Bangladesh Bank officials.
“We formed a high-powered committee to investigate the incident. If we find someone responsible, they will be punished. Those linked to cash management in the branch have been withdrawn,” Iqbal added.
Bangladesh Bank spokesman Serajul Islam also said steps will be taken following the rules if someone is found responsible.
Union Bank was established in 2013. Ahsanul Alam is the bank’s chairman and ABM Mokammel Hoque Chowdhury is the managing director.