ACC sues 10 Firstlead Securities officials

The Anti-Corruption Commission (ACC) has filed a case against 10 senior officials of Firstlead Securities Limited, including its chairman, over the alleged misappropriation of Tk19.55 crore in clients’ funds deposited for share purchases.

ACC Deputy Director Md Mustafizur Rahman filed the case as the complainant at the commission’s integrated district office on Thursday.

According to the case, the brokerage, authorised by the Bangladesh Securities and Exchange Commission (BSEC), allegedly transferred clients’ money without authorisation and subsequently misappropriated the funds.

The allegations surfaced during an investigation into Firstlead Securities’ Motijheel branch conducted by the Chittagong Stock Exchange on July 17. The investigation reportedly found irregularities involving clients’ funds.

The accused are Firstlead Securities Chairman Jahangir Alam, Managing Director Mohammad Noor Chowdhury, Executive Director Muhibul Bari Rahman, Director Mohammad Aman Ullah, Deputy General Manager Ehteshamul Haque, and directors Engineer Mohammad Mansuruzzaman, Rumel Mohammad Saiful Rahman Pir, Abu Muhammad Anwarul Ambiyak Chowdhury, Abdur Rakib Sikdar and Muhammad Mizanur Rahman.

ACC sources said clients had deposited money with Firstlead Securities to purchase shares, but the funds were allegedly not used for their intended purpose. 

Instead, money kept in client portfolios was transferred without authorisation and subsequently misappropriated.

The allegedly misappropriated amount stands at Tk19,55,60,480, comprising funds deposited by clients and held at different branches of the brokerage, including its Motijheel branch.

The ACC also found allegations that forged signatures and documents were used to transfer the funds and that false information was incorporated into accounting records. The value of the allegedly misappropriated funds was calculated based on share prices prevailing on June 30.