A virtual Dhaka court has placed Oahiduzzaman, a director of Crest Securities Ltd, on a two-day remand in a case filed over embezzlement of shares and money belonging to stock investors.
Metropolitan Magistrate Md Atiqul Islam passed the order on Wednesday.
Earlier in the day, Mohammad Hassan, an inspector at Detective Branch (DB) of police, pleaded for a 10-day remand. Defence lawyers submitted a petition seeking bail and cancellation of the remand prayer.
After hearing both parties, the magistrate issued the remand order.
Earlier on Tuesday, DB police arrested Oahiduzzaman in the capital’s Khilkhet area.
On June 23, Crest Securities Limited, a corporate member and stock brokerage house of Dhaka Stock Exchange (DSE), shut down its head office and all other branches without any prior notice.
Following the closure, the organization’s Managing Director and other officials went into hiding.
On July 6, police arrested Crest Securities’ Managing Director Md Shahid Ullah, his wife Nipa Sultana and two others, over embezzlement of shares and money belonging to stock investors through his brokerage houses.
It was revealed on July 7 that the stock brokerage house had embezzled Tk48 crore from investors and creditors.