Friday, 7 August, 2020, 12:40 AM
latest
Home Back Page

Crest Securities owner, wife ‘confess’ to embezzling client’s funds: Police

Published : Wednesday, 8 July, 2020 at 12:00 AM  Count : 130

Crest Securities Ltd Managing Director Md Shahid Ullah and his wife Nipa Sultana being produced before a DMP press conference in the capital on Tuesday.	photo : Observer

Crest Securities Ltd Managing Director Md Shahid Ullah and his wife Nipa Sultana being produced before a DMP press conference in the capital on Tuesday. photo : Observer

Crest Securities Ltd Managing Director Md Shahid Ullah and his wife Nipa Sultana have confessed to their involvement with the embezzlement of clients' funds during primary interrogations, police say.
The couple, who went into hiding amid the coronavirus outbreak after shuttering the brokerage house weeks ago, were arrested in an area between Lakshmipur and Noakhali on Monday. "As a Dhaka Stock Exchange, or DSE, brokerage house, Crest Securities Ltd used to trade in the market with 22,000 Beneficiary Owners or BO accounts," DMP Additional Commissioner Abdul Baten said during a press conference on Tuesday.
"The arrestees have stashed away Tk 180 million out of Tk 1 billion invested by 22,000 clients of the company so far," Baten added. Shahid and Nipa vanished after shutting all activities of Crest Securities on Jun 22. Two separate cases were subsequently started at Paltan Police Station against the firm by two of its clients.
"The company has taken Tk 300 million in loans as well from some 45 people promising to give  them a cut from their profits. The couple went into hiding only to embezzle the funds," Baten said.  Asked if the embezzled money was smuggled out abroad, Baten added, "We will investigate the matter. We will take legal action against them after discussing it with the authorities of DSE."
According to the information given on the website of the brokerage house, Crest Securities was incorporated in 2006. The company has three branches in Dhaka, Narayanganj and Cumilla.    -bdnews24.com










« PreviousNext »



Latest News
Most Read News
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000. Phone: PABX 9586651-58; Online: 9513959; Advertisement: 9513663
E-mail: [email protected], [email protected], [email protected], [email protected],   [ABOUT US]     [CONTACT US]   [AD RATE]   Developed & Maintenance by i2soft