Share prices of two scam-hit financial institutions, associated with Prashanta Kumar Halder, witnessed big jumps on Monday though the market dropped sharply.
Soon after the trading opened, shares of these two companies hit upper limit circuit breakers. At one stage, the shares of these two companies became seller-less.
Finally, FAS Finance's share closed at Tk 5.60 on Monday, soaring 9.80 per cent. It was also the day's top gainer. Some 4.10 million shares of the company changed hands.
Stock price of International Leasing rose 9.09 per cent to close at Tk 6.0, rising 9.09 per cent. It was the day's fifth highest gainer.
The investors were chasing their stocks following the arrest news of PK Halder in India as the news might bring some hope of ray to bring back money, said a stockbroker.
However, he said, investors who are putting their money into these stocks took a huge risk because arrest of PK Halder is no guarantee to recover money from him in near future.
"Some people were using the opportunity to spread rumours to create buy-pressure of these two stocks," he said.
PK Halder, the former managing director and CEO of NRB Global Bank, is charged with misappropriations of more than Tk 35 billion, as per the Bangladesh Bank investigation, from as many as four non-bank financial institutions (NBFIs) and siphoning off the money to India, UAE, USA, Canada, and Singapore.
But as per an investigation conducted by the Anti-Corruption Commission, which has filed several cases, the money embezzled may stand at more than Tk 100 billion.
Earlier, PK Haldar took control over four listed financial institutions by buying shares anonymously. These are International Leasing, BIFC, FAS Finance and People's Leasing. Among them, People's Leasing has been closed for a long time.
And BIFC share price fell 4.29 per cent to close at Tk 6.80 on Monday.
PK Halder took over these companies by buying shares from the stock market in the name of various individuals and organisations.
Later he opened some paper-based companies and took away huge amount of money from these companies making them financially weak. Depositors are also crying for getting their money back.
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