STOCK MARKET SCAM

ACC files 12 cases against 15 people

Staff Correspondent | Published: 00:28, Sep 04,2018 | Updated: 01:07, Sep 04,2018

 
 

The Anti-Corruption Commission has filed 12 more cases against 15 people, including five Investment Corporation of Bangladesh officials, for stock market scam leading to the crash of the market in 2010-11.
Commission’s assistant director Gulshan Anowar Prodhan filed the cases with Ramna police station on Saturday, said its public relations officer Pranab Kumar Bhattacharjee.
He said that all of the five Investment Corporation of Bangladesh officials – former deputy managing director Tipu Sultan Farazi, assistant managing directors M Ehia Mandal, M Samsul Alam Akand and M Sharikul Anam and senior principal officer Dhananjay Kumar Majumder – were named in each of the 12 cases.
The rest seven accused are IFIC Bank’s Pallabi branch manager M Abdus Samad, his wife Nasima Akter, businessman AKM Rezaul Haque, his wife Papia Sultana, entrepreneurs Layla Nur, AKM Atiquzzaman, Bulbul Akter, Kazi Mahmudul Hasan and Sheikh Mejbah Uddin and his daughter Sima Akter.
According to the commission, the people allegedly involved in embezzlement of about Tk 65 crore through stokc market manipulation in 2008 and 2009 that caused the stock market crash in 2010-11.
Earlier on August 30, the commission filed another case in this link and arrested Abdus Samad, Tipu Sultan and Ehia Mandal, who were also prosecuted on Saturday.
After the stock market crash between December 2010 and January 2011, the government had instituted a high-powered committee, led by Krishi Bank chairman Khandker Ibrahim Khaled, to investigate the scam.
The government has, however, shelved the report of Ibrahim Khaled committee that recommended reform of the Security Exchange Commission, further investigation of suspected market manipulators, amendment of Security Exchange Commission Act and rules.
According to the Security Exchange Commission investigation report, 12 people and 2 organisations had swindled Tk 455 crore from the share market.
According to the report HBM Iqbal, Lutfur Rahman Badal, his wife Soma Alam Rahman, Ahsan Imam, his wife Mehjabeen Mustafa Imam, Yakub Ali Khandaker, his daughter Sarah Khandaker, Ghulam Mustafa, his wife Nasima Akter, Amzad Hossain Fakir, his wife Rukhsana Amzad, and Monir Uddin Ahmed – allegedly swindled about Tk 355 crore from the capital market.
The report said that the Unique Hotel and the New England Equity also swindled about Tk 100 crore from the share market.

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