Home ›› 17 May 2022 ›› Stock
Shares of International Leasing & Financial Services Ltd (ILFSL) and FAS Finance and Investment Ltd skyrocketed in frenzied trading on Monday, after Law-enforcing authorities in India arrested Proshanta Kumar Halder, the former NRB Global Bank.
On the Dhaka Stock Exchange, ILFSL shares soared by 9.1 per cent and FAS Finance shares by 9.8 per cent, as the market opened after weekends and holidays. The news about the arrest broke on Saturday.
The share prices of ILFSL hit four months high and FAS Finance Ltd five months high following the arrest.
PK Halder is wanted in Bangladesh in connection with scams worth billions of takas, according to the Anti-Corruption Commission.
He secured loans from the two ‘non-financial institutions unlawfully from 2014-2019, making the organisations’ financial health.
PK Halder and his associates took loans amounting to Tk 2,000 crore from the FAS Finance and ILFSL against many non-existed companies, but the money was directly transferred to various financial institutions formed by Halder.
According to the ACC report, Halder took a loan of Tk 45 crore in the name of Konica Enterprise, but Tk 11.32 crore of the amount was transferred using three checks of Bangladesh Bank to repay the liability of non-existent companies Sandeep Corporations, SA Enterprise, Arabi Enterprise, Drinan Apparels Ltd, Varna, Amexo and P&L International Ltd.
Officials in Bangladesh on Saturday confirmed Indian media reports that Halder was arrested in West Bengal. The local media also reported that Halder was remanded in the custody of the Enforcement Directorate of India.
PK Halder is a former managing director of the ILFSL and NRB Global Bank. He is accused of embezzling funds and purchasing large shares while taking control of four financial institutions, in which he placed his close associates in positions of power.
The ACC has so far prosecuted PK Halder and a number of his associates in at least 34 cases on charges of embezzlement of billions of takas and money laundering.