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Published : 30 Jul 2025, 07:17 PM
The Bangladesh Securities and Exchange Commission (BSEC) has fined Salman F Rahman, who advised ousted prime minister Sheikh Hasina on industry and investment and is vice chairman of Beximco Group, Tk 1 billion and declared him a “persona non grata”, or unwanted, in the capital market for life after evidence emerged that he committed fraud in promoting IFIC "Amar Bonds".
His son Shayan Fazlur Rahman was fined Tk 500 million and was also declared “persona non grata” on the same charge.
Salman was the chairman of IFIC Bank and his son Shayan was the vice chairman at the time the bond was issued.
The BSEC chairman at the time was Shibli Rubayat-ul-Islam. The current commission has also permanently banned him in the stock market.
A BSEC press release on Wednesday said that these decisions were taken at the 965th meeting of the commission on Tuesday, based on the report of the Stock Market Inquiry and Investigation Committee. The meeting was presided over by BSEC Chairman Khondoker Rashed Maqsood.
Real estate company Sreepur Township Limited issued zero coupon bonds with good dividends in 2023, saying it would raise funds for a large housing project in Gazipur. On Jun 4, 2023, the BSEC approved the bond at a face value of Tk 15 billion and an issue price of 10 billion.
The press release said that a company named Sreepur Township applied for the bond issue soon after it was registered. The company's paid-up capital was Tk 3.5 billion, and, in just four days, Tk 2.48 billion was withdrawn for land development, which the commission described as questionable.
Although the name is “IFIC Amar Bond”, the bond is not from IFIC Bank. This bank is just the guarantor of that bond. However, the campaign to withdraw Tk 10 billion was carried out in such a way that it would appear that the bank had issued the bond.
Salman and his son Shayan are partners in the real estate company and are also stakeholders in IFIC Bank. As a result, there was also talk of a conflict of interest in issuing “IFIC Amar Bond”.
Although Sreepur Township Limited, established in March 2023, had no experience in building any flats or plots, IFIC Bank became the guarantor of their bond. In other words, Sreepur Township was given a guarantee allowing it to withdraw money while using the reputation of IFIC Bank.
Although the name of IFIC was written in large letters in the advertisements given in the newspapers, the name of Sreepur Township was written in small letters.
The BSEC says, “In this way, investors were attracted to invest through deceit. An inquiry and investigation have been conducted by the Stock Market Inquiry and Investigation Committee on the matter, and its report has been submitted to the commission.”
The press release stated that the commission has decided to take action against those concerned based on the report.
In addition to Salman, Shayan, and Shibli, the then CEO of IFIC Investments Limited, Imran Ahmed, has been banned from all types of work in the stock market for five years.
Action will also be taken against then managing director of IFIC Bank, Shah Alam Sarwar.
In addition, IFIC Bank PLC has been warned as an institution.
The BSEC has imposed a fine of Tk 1 million on Emerging Credit Rating Limited, which provided credit ratings for the bond.
Then BSEC chairman Sheikh Shamsuddin Ahmed has been declared “persona non grata” in the capital market for five years.
The Anti-Corruption Commission has already filed a case against 30 people, including Salman, Shayan, and Shibli, over “fraud” in "IFIC Amar Bonds”.
It was also decided at the meeting that BSEC would take punitive action over irregularities in Beximco’s Sukuk bond.
The press release said that on Jun 23, 2021, a five-year bond worth Tk 30 billion called “Beximco Secured Convertible or Redeemable Asset-Backed Green Sukuk” was approved.
The investigation committee has said that Beximco and the commission at the time violated the rules and abused their power in withdrawing money from that bond.
Based on the investigation committee's report, then BSEC chairman Shibli has been banned from the stock market for life, while then commissioner Sheikh Shamsuddin Ahmed has been banned for five years.
In addition, BSEC has decided to take “necessary action” against everyone else involved in irregularities and violations of rules.
