BSEC seeks travel ban on Moshihor Securities CEO, MD and director
The Bangladesh Securities and Exchange Commission (BSEC) has requested authorities concerned to issue a travel ban on Moshihor Securities Chief Executive Officer (CEO) Ziaul Hossain Chisty, Managing Director Moshihor Rahman, and Director Sheikh Mogol Jan Rahman for allegedly misappropriating investors' funds.
In a letter on Thursday (29 August) to the DMP's additional police commissioner, the commission requested imposing a travel ban on Moshihor to protect investors' interest.
The letter stated that the Dhaka Stock Exchange (DSE) found Tk68.58 crore deficit in the consolidated customers account (CCA) as of 19 August.
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Stockbrokers have to maintain a separate bank account, called the CCA, to park the unused cash in their brokerage clients' beneficiary owner's (BO) accounts and it is prohibited to use the money for other purposes than paying the price of the securities the client buys, or collecting the commission or fees payable by the client.
The letter said, in an inspection the deficit was discovered and there is a chance to find out more misappropriation of funds.
Meanwhile, the BSEC on Thursday also formed an inquiry committee consisting of five members to look into Moshihor Rahman Securities, which has been directed to submit a report within 45 days.
