Case filed against Fareast Stocks Chairman Khaleque

Criminal Investigation Department of Police has filed a case against 17 people, including Fareast Stocks & Bonds Limited Chairman MA Khaleque over laundering money worth Tk 116 crore.

MA Khaleque as chairman from September 6, 2009, to February 25, 2019, embezzled, converted into assets and laundered Tk 116 crore in the name of his relatives and other interested parties in collusion with each other through fraudulency and abuse of power, says a CID press release.

According to the press release, after investigation into the above allegations, the CID filed a case under Prevention of Money Laundering Act against 17 accused including MA Khaleque with Motijheel Police Station in Dhaka on Tuesday.

According to the audit firm report, various investors of the firm deposited cheques or cash worth Tk 89,04,56,397 during the period of incident. Even though it was shown deposited to BO account to the investors, the said money was not deposited to the bank of the company. Instead, it was embezzled by showing fake deposits, the release said.

Moreover, various investors deposited cheques totalling Tk 13,24,00,000 at various times, but due to

various reasons (insufficient signature, mismatched signatures, wrong writing of amount etc.) the checks were

dishonoured which was shown as reversal entry (deposit) in the said code.

It is seen from the audit report that the accused in mutual connivance with each other embezzled an average of Tk 13,50,00,000 by placing Tk 22,86,41,125 instead of Tk 36,36,41,125.

The releases also said in such different way, Khaleque laundered a total of Tk 116 crore.