B Mirror Report:  More than a year after the Moshiur Securities scandal, widely regarded as one of the largest frauds in Bangladesh’s capital market, none of the 7,000 affected investors have recovered their lost money or shares.

Despite an ongoing investigation by the Anti-Corruption Commission (ACC), there has been no visible progress in recovering the embezzled funds, leaving investors frustrated and disillusioned.

Investigators found that Moshiur Securities used advanced techniques to deceive clients by manipulating its back-office software. The firm allegedly sent fake portfolio statements showing shares in clients’ accounts, while in reality those shares had already been sold and the proceeds misappropriated.

To further conceal the fraud, the organization reportedly changed clients’ phone numbers in records to prevent them from receiving alert messages from the Central Depository Bangladesh Limited (CDBL).

The scam first surfaced during a Dhaka Stock Exchange (DSE) inspection in August 2024. A joint probe by the Bangladesh Securities and Exchange Commission (BSEC), DSE, and CDBL later revealed:

• Tk 68.58 crore embezzled from consolidated customer accounts (CCA)
• Tk 92.35 crore siphoned off by selling clients’ shares without consent

The total amount misappropriated exceeds Tk 161 crore.

Many victims were long-term investors who had invested their life savings in the stock market. One investor said he had invested in reputed companies like Square Pharmaceuticals and LafargeHolcim for retirement, only to discover in 2025 that all his shares had been sold without his knowledge.

Victims recently held a press conference, alleging that they have received no remedy despite repeated appeals to regulators and the ACC.

Market analysts say the prolonged delay in resolving the case highlights structural weaknesses in the capital market and raises serious concerns about investor protection and regulatory enforcement.