Around 50 investors have accused Firstlead Securities Ltd, a member of Chattogram Stock Exchange, of misappropriating around Tk 10 crore of investors’ money through using duplicate software.
The investors made the allegations at a news conference at the Capital Market Journalists' Forum (CMJF) auditorium in Dhaka on Tuesday.
“Firstlead Securities Motijheel branch Manager Ashahasamul Haque Samu along with another official Muhammad Hasan embezzled the money,” said investor Mohammad Ayub Khan.
The stock investors urged the securities regulator to take immediate steps in getting money back from the brokerage firm.
Ayub said the manager of the brokerage firm sold all the shares of its 50 clients and stole the money.
“We never got any SMS and email from Firstlead Securities, regarding the sales of shares. When the executives of the brokerage firm were communicated, they assured us of settling the matter. Yet, they did so.”
In March 2021, the Bangladesh Securities and Exchange Commission suspended the operation of the brokerage firm after receiving fraud allegations against Firstlead Securities.
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Despite the suspension, the investor said, the brokerage firm continued its operation by using duplicate software.
“On January 20 this year, we complained to the CSE about the malpractice, but did not get any solution yet,” Ayub said.
“Later, the affected investors also filed a complaint with the BSEC, but the regulator gave no ear to our pains,” he said.
However, the investors came to know from the Central Depository Bangladesh Ltd (CDBL) that they did not have any shares in their accounts.
"We are now in deep financial trouble as the brokerage firm embezzled money by selling our shares," said Ayub.
