Police arrest Crest Securities owner, wife who vanished after shuttering brokerage house

  • Staff Correspondent, bdnews24.com
    Published: 2020-07-06 18:26:34 BdST

bdnews24

Police have arrested Crest Securities owner Shahid Ullah and his wife Nipa Sultana who went into hiding after shuttering the brokerage house weeks ago. They face charges of embezzling their clients’ funds.

The couple were detained in an area between Lakshmipur and Noakhali on Monday, Deputy Commissioner HM Azimul Haque of the DMP's Ramna Division told bdnews24.com.

Shahid and Nipa vanished after shutting all activities of Crest Securities. They are now being brought to Dhaka, Haque said.

The closure of Crest Securities Ltd without any prior notice on Jun 23 left its investors worried about their money and shares. The brokerage house has remained closed ever since.

Separate cases were subsequently started against the firm by two of its clients, accusing Crest Securities of embezzling more than Tk 10 million from them. Detective police are currently looking into the allegations.

According to the information given on the website of the brokerage house, Crest Securities was incorporated in 2006. The company has three branches in Dhaka, Narayanganj and Cumilla.

The DSE suspended all transactions of the brokerage house following the incident.