3 years ago

Crest Securities owner, wife 'confesses to crime'

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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.

 “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, reports

“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 went into hiding after shutting all activities of Crest Securities on June 22. Two separate cases were subsequently started at Paltan Police Station against the firm by two of its clients.

On Monday, law enforcers arrested them from an area between Lakshmipur and Noakhali on Monday.

 “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.

The DSE suspended all transactions of the brokerage house following the incident.

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