Four investors and two institutions have been fined Tk 19.65 crore for allegedly manipulating shares of Fine Foods Limited, a company listed on the stock market. The manipulation ring increased the price of the company’s shares by manipulating them in 4 months from March to June 2023.

The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has fined the accused as the investigation proved the crime of manipulating the company’s shares through manipulation in violation of the Securities Act.

According to BSEC sources, the main mastermind Mohammad Shamsul Alam has been fined Tk 3.75 crore for allegedly manipulating shares of Fine Foods Limited.

In addition, his associates Sajia Jasmine have been fined Tk 49 lakh, Sultana Parvin Tk 11 lakh, Mohammad Jahangir Alam Tk 1 lakh, AAA Agro Enterprise Tk 75 lakh and Arbim Techo Limited Tk 23 lakh.

Mohammad Jahangir Alam is the managing director of Arbim Techo Limited, which was fined. He has also been fined for his involvement in share manipulation.

Recently, there have been allegations that the shares of small-cap company Fine Foods are being manipulated. The manipulators have raised the share price from Tk 160 to Tk 200. With which the company authorities have a direct connection. It is alleged that the company authorities have been cooperating in various ways, including artificial financial calculations, to cooperate in the manipulation of the shares.