A group of affected investors of Firstlead Securities, which purportedly embezzled Tk 100 million of its clients, demanded their money back as soon as possible.
One Mohammad Ayub Khan, who invested an estimated Tk 5.0 million in the brokerage house, placed the demand at a press briefing on behalf of other depositors.
Some 20 beleaguered investors of the firm attended the briefing held in the auditorium of Capital Market Journalists' Forum in Dhaka city on Tuesday.
Firstlead Securities, a brokerage firm of the Chittagong Stock Exchange (CSE), cheated its clients by illegally using duplicate software and providing fake information on their investment status.
The Bangladesh Securities and Exchange Commission (BSEC) suspended the operations of the embezzler from 18 August 2021, on allegations that it failed to pay customers properly.
Despite the securities regulator's suspension of its trading, Firstlead continued to 'cheat' investors by 'embezzling' shares of clients' portfolios, Mr Khan claimed in a written statement at the programme.
He said Firstlead, the 122th brokerage firm of the CSE, illegally used duplicate software to supply misleading information to its clients.
Under the circumstances, the investors did not have any way to know the facts (regarding their shares) and were easily deceived by the brokerage house.
Mr Khan accused Firstlead chairman and managing director of squirreling away Tk 100 million by selling all the shares of some 30 clients from its Motijheel branch.
"We never received any share sell-related information via SMS or mail. That's why, the clients didn't understand their fraud," he said.
Later, they came to know that the securities regulator has suspended trading of Firstlead Securities.
Mr Khan claimed Firstlead used to trade shares using duplicate software. On January 20, he applied for transferring his shares through the chief regulatory officer of the CSE.
But the bourse did not take any step to do so.
"We contacted the Central Depository Bangladesh Ltd only to find that we don't have any shares," the victim alleged.
The investors also complained to the BSEC chairman but to no avail, they are yet to get any response, he said.
"We're in a dire financial crisis. Now, we demand the intervention of the prime minister and the BSEC chairman to get money and shares back as soon as possible."
Another investor Mohammad Ali claimed his wife Khairun Nahar invested Tk 3.50 million through Firstlead by selling land in Keraniganj but she lost all her money.
"We lost all our money here. We are passing through hard times running the family," he grieved.
Krishna Roy, a private job-holder said, "I have invested a staggering Tk 3.0 million here. Now I have lost everything and become helpless."
He urged BSEC chairman Prof Shibli Rubayat-Ul-Islam to bring the responsible persons to book and return the clients' money and shares.
Victims Mohammad Shahidullah, Kamruzzaman, Saiful Islam, Mohammad Aynur and Mohammad Ali Chokdar, among others, were also present at the briefing.
Firstlead is the fifth brokerage firm facing such allegations in the country.
Previously, Tamha Securities, Dawn Securities, Crest Securities and Banco Securities were accused of their complicity in such shenanigans.
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