HC seeks explanation about embezzlement of Tk 1.58 billion by UFS


FE ONLINE REPORT  | Published: January 02, 2023 14:58:44 | Updated: January 03, 2023 16:52:57


HC seeks explanation about embezzlement of Tk 1.58 billion by UFS

The High Court on Monday sought explanations about the alleged embezzlement of Tk 1.58 billion by Syed Hamza Alamgir, managing director of Universal Financial Solutions (UFS), an assets management company, from four mutual funds of the stock market, and his subsequent escape from the country. 

In a suomuto move on Monday, the bench of Justices Md Nazrul Islam Talukder and Khizir Hayat asked Bangladesh Securities and Exchange Commission (SEC) and Investment Corporation of Bangladesh (ICB) to submit their explanations within 30 days.

The HC asked the Anti-Corruption Commission (ACC) and the Bangladesh Financial Intelligence Unit (BFIU) to conduct an investigation into the allegation that Bangla daily Jugantor reported on January 1 this year.

At the same time, it issued a rule asking the authorities concerned to explain as to why their inaction in taking action against Syed Hamza Alamgir for embezzlement and laundering of money should not be declared illegal.

Bangladesh Securities and Exchange Commission, Investment Corporation of Bangladesh, Bangladesh Financial Intelligence Unit, and Anti Corruption Commission were asked to comply with the rule.

Lawyer Khurshid Alam Khan, a counsel for the ACC, placed the news report before the HC bench, seeking directives.

Deputy Attorney General AKM Amin Uddin represented the state during the court proceedings.

According to the published report, "Universal Financial Solutions (UFS), an assets management company, embezzled Tk 1.58 billion from four mutual funds of the share market. UFS Managing Director Syed Hamza Alamgir left for Dubai on October 13 with this money. He is currently in Singapore. The group started the process of transferring the funds in 2018."

"In this case," the report adds, "the regulatory body Bangladesh Securities and Exchange Commission (BSEC) was kept in the dark by fabricating the bank report and showing fake FDR (Fixed Deposit Rate). But for mysterious reasons, the trustee and custodian of the fund, ICB, was inactive for 4 years. The audit company also validated the fake report. This information came out in the preliminary investigation of BSEC."

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