The Bangladesh Securities and Exchange Commission (BSEC) has ordered an investigation into Salman F Rahman, former private industry and investment adviser to the deposed prime minister, and other members of his family, as well as companies under his control. The investigation relates to allegations surrounding the stock market scandal and other accusations. The BSEC has also instructed an inquiry into whether any irregularities have occurred in the capital market involving activities of Saiful Alam, chairman of S Alam Group, his wife, son-in-law, relatives, and companies under his control.

This directive was issued in an order signed by Md Mahmudul Haque, director of BSEC, on Monday (9 September).

According to sources, BSEC has formed a four-member investigation committee to probe the allegations against Salman F Rahman and S Alam. The appointed officials include BSEC Director Mohammad Abul Hasan, Additional Director Md Nazrul Islam, Assistant Director Amit Kumar Saha, and Towhidul Islam Saddam.

The investigation committee has been instructed to submit its report to the commission within 60 working days.

The investigation was prompted by a report published in Prothom Alo on 14 August, which detailed allegations of irregularities involving Salman F Rahman and S Alam Group.

The Prothom Alo report mentioned that Salman F Rahman had been known as a top defaulter since the 1980s. His name surfaced during the 1996 stock market scandal. However, after the Awami League government came to power in 2009, companies under the Beximco Group, owned by Salman F Rahman, were removed from the defaulter’s list by receiving special privileges. In 2011, following another stock market scandal, an investigation committee led by Khondker Ibrahim Khaled pointed to Salman F Rahman’s influence on the regulatory body.

The report also noted that S Alam Group, a close ally of the recently ousted Awami League government, took control of Islami Bank Bangladesh PLC in 2017 through a political decision. Since then, nearly Tk50,000 crore has reportedly been siphoned off from the bank by S Alam Group and its affiliates, including Nabil Group from Rajshahi, under various aliases. This amount represents about one-third of the bank’s total loans. Officials believe that the actual amount of funds misappropriated could be higher than the reported figures.

The report alleged that funds were withdrawn from Islami Bank Bangladesh PLC under the names of S Alam Group’s chairman Saiful Alam, his wife, son-in-law, relatives, and several employees. Consequently, BSEC has also decided to launch an investigation into them.

Dhaka Stock Market DSE, Bourse on the second working day of the week, 9th September, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.

621 crore 35 lakh taka shares were traded on this day. 57 crore 46 lakh less tradings were done in DSE today compared to the previous workday, 5th September, Shares worth Tk 678 crores 20 lakh shares were traded last time, Thursday.

The benchmark DSEX dropped 49.76 points or 5,629 The Shariah-based index DSES lost 6.27 points or 1,215 and the blue-chip index DS30 decreased by 7.67 points or 2,092.

Of the issues traded, 64 advanced, 289 declined and 44 remained unchanged.

Miracle Industries PLC ranked top gainer on DSE, the share price increased by Tk 2.80 paisa or 9.93 percent. On this day, the share was last traded at Tk 31.00 paisa.

Rupali Life Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 10.70 paisa or 9.94 percent. On this day, the share was last traded at Tk 97.00 paisa.

DSE topped on trade is Linde Bangladesh Limited 32 crore 32 lakh takas of company shares have been traded.

A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 40 lakh 42 thousand 530 shares of the companies were traded. The financial value of which is 25 crore 93 lakh taka.

Dhaka Stock Market DSE, Bourse on the first working day of the week, 8th September, ended with a drop in Indices and hike in Turnover from the previous working session. This information is known from DSE sources.

678 crore 20 lakh taka shares were traded on this day. 3 crore 91 lakh more tradings were done in DSE today compared to the previous workday, 5th September, Shares worth Tk 674 crores 90 lakh shares were traded last time, Thursday.

The benchmark DSEX dropped 49.33 points or 5,679 The Shariah-based index DSES lost 7.43 points or 1,221 and the blue-chip index DS30 decreased by 14.16 points or 2,100.

Of the issues traded, 64 advanced, 289 declined and 44 remained unchanged.

SBAC Bank PLC ranked top gainer on DSE, the share price increased by Tk 0.70 paisa or 8.33 percent. On this day, the share was last traded at Tk 9.10 paisa.

Rupali Life Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 11.90 paisa or 9.95 percent. On this day, the share was last traded at Tk 107.70 paisa.

DSE topped on trade is Linde Bangladesh Limited 32 crore 13 lakh takas of company shares have been traded.

A total of 31 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 99 lakh 81 thousand 407 shares of the companies were traded. The financial value of which is 23 crore 09 lakh taka.