'They had about Tk100 crore invested in the security exchange'
Crest Securities Ltd Managing Director Md Shahid Ullah, along with his wife, has embezzled Tk48 crore from investors and creditors, say police.
“The broker house had transferred Tk18 crore of 22 thousand small investors’ money to another account for embezzlement,” said Dhaka Metropolitan Police (DMP) Detective Branch (DB) Additional Commissioner Abdul Baten in a press briefing on Tuesday morning at its premises.
They had about Tk100 crore invested in the security exchange, he said.
“Besides, on the condition of providing a profit, they took Tk30 crore loan from 44-45 people. After embezzling that money they went into hiding,” the police official said.
Asked if the money has been smuggled abroad, Baten said: “We will look into this matter. For the sake of the investigation, we will communicate with the Bangladesh Securities and Exchange Commission (BSEC) to take actions.”
“How much money they have in their accounts, where they have been transferred—we will look into these things.”
DB police on Monday arrested Crest Securities Ltd MD Md Shahid Ullah and his wife Nipa Sultana, along with two others, over the embezzlement of shares and stock investors’ money through his brokerage houses.
The couple were caught from Lakshmipur-Noakhali district area. There were two cases filed against them with the Paltan police station.
They went into hiding after shutting their institute down on June 22.
Crest Securities was incorporated in 2006 with its registered headquarters at 57, Purana Paltan, Dhaka. It has three branches located at Pragati Sarani in the capital, Narayanganj, and Comilla.
The security house is a corporate member of the Dhaka Stock Exchange (DSE) and a full-service depository participant of the Central Depository Bangladesh Ltd (CDBL).