DB arrests Crest Securities Director Wahiduzzaman

The Detective Branch (DB) of police on Tuesday arrested Crest Securities Director Wahiduzzaman from the capital’s Khilkhet area over allegedly embezzling shares and money of stock investors.

Assistant commissioner of DB (Ramna zone) Javed Pritom confirmed it to the Business Post.

On July 7, Crest Securities Managing Director Shahid Ullah and his wife Nipa Sultana were arrested by the DB police on the same charges.

Earlier this month, Dhaka Stock Exchange (DSE) sought information from the people who invested in the stock market through Crest Securities after all of its employees including the MD disappeared without any announcement and abruptly closing all 4 offices of the brokerage house in Dhaka’s Baridhara, Purana Paltan, Narayanganj and Cumilla.

The legitimate investors of the brokerage house were also asked to apply to the Chief Regulatory Officer (CRO) of DSE in the prescribed form to get their shares and money back.

The house bought shares and units worth Tk 70 lakh from DSE. But the cheque for the purchase bounced. As a result, DSE tried to contact the house but failed. Later, DSE sold the shares to pay dues.

Cheques from Crest Securities were also bounced to some investors.

Bangladesh Capital Market Investors Unity Council earlier sent letters to both stock exchanges, including BSEC, to ensure that investors' money and shares are protected in this situation.