5 get bail in share market scam cases
A Dhaka court yesterday granted bail to five investors in two cases filed against them for their alleged involvement in share market scam.
Metropolitan Magistrate AGM Al Masud passed the order after they appeared before the court and sought bail in the cases.
Abu Sadat Md Sayeem and his brother Abdul Mabin Molla were accused in one case while Syed Sirajuddoula, his wife Rasheda Akhter Maya and Habibur Rahman in the other.
Sayeem and his brother are accused of manipulating share prices of Eastern Housing Ltd (EHL), a listed company, through serial trading.
On the other hand, Sirajuddoula, Maya and Rahman were accused of artificial active trading through bulk transactions in shares of Peoples Leasing and Financial Services Ltd (PLFSL).
Mahbuber Rahman Chaudhury, director of Securities and Exchange Commission (SEC), filed the cases with the Dhaka Chief Metropolitan Magistrate's Court on August 21 against them.
The court summoned the accused to appear before it yesterday.
The complainant alleged that the investors created an artificial crisis in the market by buying shares at low prices. Taking advantage of the crisis, they later sold their shares at high prices and pocketed a huge amount of money.
The cases were filed on instructions of the finance ministry after the government probe committee recommended legal action against stock market manipulators.
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