ACC sues Crest Securities MD Shahid Ullah

The Anti-Corruption Commission (ACC) on Monday filed a case against Crest Securities Managing Director Shahid Ullah on charges of embezzling Tk65.33 crore of investors’ money.

ACC Deputy Director Md Rafiquazzman filed the case with its integrated district office in Dhaka-1 under sections 406 and 409 of the Penal Code, said ACC assistant director Shafiullah Adnan.

According to the case, the designated officer of Dhaka Stock Exchange (DSE) filed a complaint with Paltan Model Police Station seeking legal action over the embezzlement of investors’ money by Crest Securities Limited and its board of directors.

But the police station did not accept the complaint as the ACC is the appropriate authority to probe the allegations. Later, they sent the allegations to the anti-graft body for taking measures in this regard.

Afterwards, the ACC formed an enquiry team led by Md Rafiquezzman to probe the graft allegation against.

During the probe, the ACC team found that Crest Securities MD Shahidullah embezzled Tk65.33 crore by selling shares without the permission of the investors.