ACC prosecutes five ex-ICB officials, 10 others over Tk 645 million capital market scam

The Anti-Corruption Commission or ACC has prosecuted 15 people, including five former officials of the Investment Corporation of Bangladesh or ICB, in 12 cases for allegedly embezzling over Tk 645 million in a capital market scam.

ACC Assistant Director Gulshan Anwar started the cases at Ramna Model Police Station in Dhaka, the commission’s spokesman Pranab Kumar Bhattacharya said on Monday.

Tipu Sultan Farazi, a former deputy general manager of the ICB, former assistant general manager Md Ehia Mondol, Md Shamsul Alam Akand and Sharikul Anam, and former senior principle officer Dhananjoy Majumder are accused in all the cases.

The others are IFIC Bank Manager Md Abdus Samad and his wife Nasima Akter; AKM Rezaul Haque and his wife Papia Sultana, residents of Tejgaon Staff Quarters; Laila Noor, a resident of Mohammadpur; AKM Atikuzzaman, a resident of Monipuriparha, Kazi Mahmudul Hasan of Green Road; Sheikh Mezbah Uddin and his daughter Shima Akter of Gulshan and Bulbul Akter of Shyamolibagh.

They allegedly manipulated the capital market during a spike in share prices between 2008 and 2009 in collusion with the accused former ICB officials.

The former ICB officials working at the ICB Securities Trading Company Limited helped the others embezzle the money by giving them the option to trade through irregularities, according to the cases.

The ACC began investigating specific allegations against the 15 by the end of last year and found proofs against some of the ICB officials, Pranab said.

On Aug 30, the ACC prosecuted six people, including four ICB officials, on charges of embezzling over Tk 30 million in share market scams in 2009, 2010 and 2011.

The six are former ICB DGM Farazi, AGMs Ehia and Shamsul, senior principle office Dhananjoy, former IFIC Bank official Samad and businessman Sharikul Anam.

The ACC also arrested Farazi, Ehia and Samad on that day.