The Bangladesh Securities and Exchange Commission (BSEC) has launched a formal investigation into allegations of stock market manipulation, corruption, and securities law violations by Dr. M. Mosharraf Hossain, former chairman of the Insurance Development and Regulatory Authority (IDRA).
BSEC’s Market Intelligence and Investigation Department has formed a three-member probe committee led by Deputy Director Mawdoot Momen, with Assistant Directors Md. Mehedi Hasan Roni and Navid Hasan Khan as members. The committee has been tasked with submitting a full report within 60 days.
Key allegations include misuse of insider information from several insurance companies to influence dividends and harm investor interests. The five insurance companies under scrutiny are:
- Delta Life Insurance
- Padma Islami Life Insurance
- Prabarti Insurance
- Asia Insurance
- Eastern Insurance
The investigation will also explore potential stock market manipulation using institutional funds, including provident funds.
Dr. Mosharraf resigned in June 2022, citing personal reasons. However, earlier that year, the Bangladesh Financial Intelligence Unit (BFIU) submitted a report to the Anti-Corruption Commission (ACC) based on corruption allegations against him.
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