Dhaka brokerage house owner goes into hiding, investors in distress

The owner of a brokerage house in Dhaka has gone into hiding after closing its offices, leaving the investors in distress amid the coronavirus outbreak.

Staff CorrespondentFarhan Fardausbdnews24.com
Published : 25 June 2020, 06:50 PM
Updated : 25 June 2020, 06:50 PM

The closure of Crest Securities Ltd without any prior notice has left its investors worried about their money and shares.

The owner of the house has been identified as Md Shahid Ullah. bdnews24.com could not reach him over the phone.

According to the information given on the website of the brokerage house, Crest Securities was incorporated in 2006. The company has three branches in Dhaka, Narayanganj and Cumilla.

“Crest Securities has closed its head office and all other branches. The owner and his staff are traceless now,” a Dhaka Stock Exchange (DSE) official told bdnews24.com on Thursday.

“The company could not repay bank loans due to the coronavirus crisis. The investors’ money has also been stuck. This whole situation has forced them to close the offices,” the owner of another brokerage house told bdnews24.com, seeking anonymity.

The DSE has suspended all transactions of the brokerage house following the incident.

When contacted, DSE Managing Director Kazi Sanaul Hoq told bdnews24.com that an investigation has been opened into the allegations against Crest Securities.

Bangladesh Bank has also been informed over the incident.

“We are looking for a way to return money to the investors,” Sanaul said.