Warrant issued for ex-FBCCI chief Harun's arrest over ‘share market scam’

A PBI probe finds allegations of embezzlement through share fraud against him to be true

A court has issued an arrest warrant against Yussuf Abdullah Harun, former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), in a case over an alleged stock market scam.

Chattogram’s Metropolitan Magistrate Md Abu Bakar Siddik issued the order on Monday, according to his bench assistant Abul Hashem.

"After reviewing the report submitted by the Police Bureau of Investigation (PBI) on allegations of embezzlement through share fraud involving a company, the court ordered the issuance of the arrest warrant,” he said.

Another accused in the chargesheet has already secured bail.

The case was filed on Jul 28, 2025 against five people, including ex-FBCCI chief Harun. The PBI was tasked with investigating the allegations and reporting back the following month.

According to the case dossier, 500 out of a total of 2,300 shares of a company called Incontrade Limited were handed over to the plaintiff Md Amirul Haq and his wife Nasira Sultana in 2006.

Subsequently, 370,167 new shares of the company were approved in 2007, followed by another 627,533 two years later.

The complaint states that Harun acquired 998,900 shares in two phases in his own name, allegedly through forged resolutions, without board meetings and without shareholder approval.

On Dec 10 last year, the PBI submitted the probe report to the court, accusing Harun and Incontrade Limited's Managing Airector Md Mohsin Sarker of embezzlement through scams, and of threatening the plaintiff.

The report said it did not find evidence against the other accused, who are directors of the company.