B Mirror Report : Due to claims of significant fraud in the company’s initial public offering (IPO), a Dhaka court has banned 10 people from traveling, including nine overseas officials of Ring Shine Textile Limited and Abdul Kader Faruk, the chairman of the Far Group.

On Thursday, Dhaka Metropolitan Senior Special Judge Sabbir Faiz gave the ruling in response to a plea filed by the Anti-Corruption Commission (ACC). In order to help the business list on the stock exchange, the defendants are accused of submitting fake documents, thereby embezzling Tk 275 crore.

According to ACC Public Relations Officer Akhtarul Islam, the travel restriction aims to prevent the accused from fleeing abroad during the ongoing investigation.

The foreigners barred from leaving Bangladesh are: Sung Wen Li Angela, Sung Jai Min, Mrs. Xiao Liu I Chi, Madam Chuk Kwan, Madam Sheaw Yen Shin, Sung Chung Yao, Madam Hang Siu Lai, Xiao Hai He, and Mr. Sung Wei Min.

The ACC petition stated that Abdul Kader Faruk played a central role in orchestrating the fraud. Despite Ring Shine Textile Limited (DEPZ) lacking sufficient working capital, Faruk allegedly forged shareholder information and other documents to list the company on the stock exchange. The scheme reportedly led to the misappropriation of Tk 275 crore.

Investigators further allege that Faruk signed a memorandum of understanding (MoU) with the company to receive 40–60 percent of the illicitly acquired funds. The case remains under active investigation at the ACC headquarters.

Far Group currently has three companies listed on the capital market Sharp Industries (formerly RN Spinning), ML Dyeing, and Far Chemical & Textile Industry.