Tribunal orders arrest of Aziz Mohammad Bhai over 1996 share market scam

A tribunal has issued a warrant of arrest for businessman Aziz Mohammad Bhai in a case over the 1996 share market scam.

Aziz Mohammad Bhai Aziz Mohammad Bhai

The special tribunal on the stock markets ordered Olympic Industries boss's arrest after framing the charges against the firm on Wednesday.

Aziz, a director of the company, is more known as a film producer.

Accused in the case over actor Salman Shah’s murder, Aziz has been staying abroad for a long time.

Aziz Mohammad Bhai

The Securities and Exchange Commission initiated several cases against 15 firms and 36 individuals after billions of taka were drawn from investors allegedly by raising share prices through market manipulation in 1996.

Besides Aziz, his father Olympic Industries Chairman Mohammad Bhai was accused in one of the cases that were transferred to the special tribunal in 2015.

Aziz is the lone suspect in the case now after the death of his father. 

The proceedings of the case remained suspended for a long time following High Court orders. They resumed in July after the High Court lifted the halt in November last year.

The special tribunal’s judge Md Akbar Ali Sheikh rejected a petition by defence lawyers seeking more time for the indictment, SEC lawyer Masud Rana Khan told bdnews24.com.

The tribunal set Sept 18 to start recording witness depositions.

Former SEC executive director MA Rashid Khan, the plaintiff of the case, is scheduled to give his statement to the tribunal on that day.