2024-09-23 08:07:10
Published: 10:23, 22 September 2024
It has been alleged that the brokerage house Moshiur Securities (Trek No-134), a member of Dhaka Stock Exchange (DSE), the main capital market of the country, has embezzled about Tk 161 crore from the investors. Out of this, Tk 68.58 crore as Customer’s Consolidated Account (CCA) and Tk 92.35 crore were lost by selling shares. This is the biggest fraud by a single brokerage house in the history of the country’s stock market.
And capital market regulator Bangladesh Securities and Exchange Commission (BSEC) has summoned Dhaka Stock Exchange (DSE) Chief Regulatory Officer (CRO) Khairul Bashar Abu Taher Mohammad for failing to take care of these issues.
This information is known from the related sources that the CRO of DSE has been summoned to BSEC next Monday (September 23). Earlier, BSEC issued a letter in this regard on September 15.
It is reported that despite the responsibility of the CRO, the investors have lost Tk 161 crore due to the failure to conduct on-site search of Moshiur securities. And due to this failure, DSE CRO Khairul Bashar has been mourned by the commission led by Khandkar Rashid Maqsood. Similar frauds were committed in PFI Securities and Sinha Securities as in Moshiur Securities. BSEC has taken action against those institutions. But investors have already lost what they have to lose.
According to BSEC’s letter, the BSEC directed the DSE to conduct an inspection of Mosiur’s securities on May 14, after which it was asked to submit a report within 30 working days. But Khairul Bashar responsible for this work failed to submit inspection and report on time. In this regard, Khairul Bashar has failed to comply with the directives of the Commission and Regulations 16(10)(b) and 16(3)(a) of the DSE Regulations, 2013. In such a situation, the Commission wants to hear an explanation from Khairul Bashar regarding the failure of Moshiur Securities. He was ordered to appear at the BSEC office in Agargaon at 11 am on Monday to explain the matter.
According to the letter, the commission has asked for a written explanation as to why action should not be taken against Khairul Bashar for the failure.
Incidentally, the current commission has already announced to take several measures regarding Moshiur’s securities. These include formation of a 4-member inquiry committee against Mosiur Securities, termination of facilities including ‘free limit’, freeze of directors’ bank and BO accounts and initiatives to impose ban on those involved and their family members fleeing the country. It is said that further action will be taken as per law after investigation.
Dhaka/NT/Eva