B Mirror Report: A dispute over a Tk12 lakh bank transaction between brokerage house First Capital Securities Limited and an individual Md. Didarul Islam has escalated to court, with both sides presenting conflicting claims over the nature of the payment.
According to court documents, company records email communications and related papers, Didarul Islam deposited Tk12 lakh into First Capital Securities bank account through South Bangla Agriculture and Commerce Bank on May 12, 2024.
Didarul claimed the money was deposited to open Beneficiary Owners (BO) accounts in the names of his wife and children. However, First Capital Securities said Didarul was not a registered client of the company and did not hold any BO account with the brokerage.
The brokerage house stated that the funds were later transferred to several trading codes following instructions from one Abbas Ali. Documents show that Abbas Ali previously worked as the in-charge of the Lohagara digital booth of Eastern Shares and Securities Limited.
First Capital Securities said Abbas Ali was not an employee of the company but was associated as a Power of Attorney (POA) holder for certain clients. Email records provided by the company indicate that after the funds were deposited, Abbas Ali instructed the head office via email to allocate the money to specific trading codes.
According to the company, the funds were subsequently used for share trading activities through the relevant accounts and were later returned to the respective account holders through EFTN transfers by January 16, 2025, nearly 10 months after the initial deposit. The brokerage claims it currently holds none of the disputed money.
Citing an agreement submitted by the opposing party, First Capital Securities further alleged that Didarul Islam and Abbas Ali had an existing personal business relationship involving multiple financial transactions, and that the Tk12 lakh transaction was part of that arrangement.
When contacted, Didarul Islam declined to comment, saying, “I cannot provide any information on this matter. My lawyer will speak in court.”
First Capital Securities also said its Chief Executive Officer Mohammad Kawsar Al Mamun had filed a general diary (GD) with Motijheel Police Station on June 1 last year, before the dispute emerged. The company additionally submitted a suspicious transaction report to the Bangladesh Financial Intelligence Unit (BFIU) over alleged irregularities in the transaction.
Several capital market officials said the matter raises questions over whether depositing money directly into a brokerage house’s bank account without a BO account and conducting transactions through third parties comply with regulatory guidelines.
They stressed that proper client verification, registered BO accounts and adherence to approved trading procedures are essential for investor protection and market transparency.
