B Mirror Report:  Serious allegations of loan irregularities, money laundering, and fraud against general shareholders have been raised against Beacon Pharmaceuticals PLC a listed company in the pharmaceuticals and chemicals sector of the stock market. The Bangladesh Securities and Exchange Commission (BSEC) has formed a three-member investigation committee to examine the allegations. The commission stated that the committee has been instructed to complete its inquiry and submit a detailed report within the next 60 working days.

The BSEC took this strict action primarily based on a confidential report from the Bangladesh Bank’s Financial Intelligence Unit (BFIU). The intelligence report reportedly found evidence of irregular financial transactions between Beacon Pharmaceuticals and other affiliated companies of the Beacon Group. Sources also indicated that the company committed significant irregularities in stock market related investments.

According to the BSEC’s investigation order, Beacon Pharma sold its manufactured products under the banner of “Beacon Medicare,” thereby depriving general shareholders of rightful profits and misleading them. The listed company is also accused of providing irregular loans to other group entities and of using its own borrowed funds to settle the liabilities of other companies within the group. The investigation committee will thoroughly examine these financial discrepancies.

Another major focus of the investigation is the illegal use of loan funds. It is alleged that loans taken in the name of Beacon Medicare Limited were transferred to personal accounts and invested in the stock market in violation of regulations. The committee will also investigate whether funds obtained through bank overdraft facilities were used to manipulate the stock market.

The committee, comprising BSEC Director Sheikh Mahbub Ur Rahman, Deputy Director Md. Sirajul Islam, and Assistant Director Binoy Das, has already begun its work. The investigation is being conducted under the authority of the Securities and Exchange Ordinance, 1969, and the Money Laundering Prevention Act. BSEC officials stated that the inquiry has become necessary to protect the interests of general investors and to maintain discipline in the capital market.