• Tuesday, Aug 11, 2020
  • Last Update : 04:45 pm

Police arrest Crest Securities managing director Shahid Ullah

  • Published at 06:26 pm July 6th, 2020
Crest Securities Managing Director Md Shahid Ullah
File photo: Crest Securities Managing Director Md Shahid Ullah Collected

DB police (Ramna Zone) arrested them in Laxmipur-Noakhali border on Monday morning

Detective Branch (DB) of police on Monday arrested Crest Securities’ Managing Director Md Shahid Ullah, his wife Nipa Sultana and two others, over embezzling of shares and money of stock investors through his brokerage houses.

DB police (Ramna Zone) arrested them in Laxmipur-Noakhali border on Monday morning.

Other arrestees are known as Md Khorshed and Md Jewel.

Deputy Commissioner (DB, Ramna Zone) HM Azimul Haque confirmed their arrest.

“They have been arrested. Now police will take action against their activities", Azizul told Dhaka Tribune.

The Crest Securities Limited, a corporate member and stock brokerage house of Dhaka Stock Exchange (DSE), on June 23, closed its head office and all other branches without any prior notice.

Since then, the Managing Director and other officials of Crest Securities have gone into hiding.

Later, DSE management has assured clients of the brokerage firm of returning their shares and money through legal procedures.

Meanwhile, all bank accounts of Crest securities and about 21,000 stock investors' share-units worth Tk82 crore were frozen.

Crest Securities was incorporated in 2006 with its registered headquarters at 57, Purana Paltan, Dhaka. It has three branches located on Pragati Sharani in the capital,  Narayanganj, and Comilla.

The security house is a corporate member of the DSE and a full-service depository participant of the Central Depository Bangladesh Ltd (CDBL).

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