A group of syndicate led by a cooperative official has bought shares of different insurance companies worth over Tk 1000 crore making it eight times high within a row of only three months.

The gamblers rose insurance company script price when most of companies are facing serious business losses due to coronavirus pandemic. The syndicate has now started releasing those shares to market aiming net a huge gain to their pocket

Mr Abul Khayer Hero, a Deputy Registrar of the Department of Cooperatives and his wife Sadia Hasan bought insurance company share worth over Tk 150 crore between September 2020 and  November 2020 by using different beneficiary owners account.

Another member of the manipulator Md Jashim Uddin who with his organization Chandpur Educated Jobless Cooperative Society own National Cooperative prices for two times bought insurance company shares worth over Tk 200 crore during the period.

A Chittagong based garment businessmen and member of BGMEA Mr. Mamun Salam, his mother and brother in law  also bought share of different insurance company worth Tk 150 crore during the same period.

A cricket star as well as another couple of political individuals are also involved into the syndicate who have been seen different program with Mr Abul Khayer Hero.

Lutful Gani Tut with his company Satrang Agro Fisheries and his wife  Shammi Newaz traded over Tk 100 crore through several different BO account under the syndicate. A director of

Dhaka Stock Exchange surveillance team have identified the syndicate and issued several dozens of letters to them. Arifur Rahman Chowdhury, Senior Manager, Investigation and Enforcement Department, DSE summons and sends the information of that account.  He issued 15 letters to the members of the syndicate. The letters sought information on various accounts after the sale of shares of Asia Pacific Insurance, Paramount, Phoenix, City General, Peoples, Global, Sandhani and Asia Insurance. In this case, the brokerage house and the merchant bank have been asked for a BO account opening form, portfolio statement and a copy of the margin loan agreement.

The syndicate previously traded ‘ Z’ category shares worth over Tk 500 crore in the similar manner making those basketless scripts costly and gradually offload those to market.

When asked Mr Abul Khayer Hero told Business Mirror that he is now own the money instead he guided or help others people to buy shares. “ I am a BCS cadre officer for which we have to follow government rules and regulations,” Hero said.

Asked about his involvement into the manipulation Mr Mamun Salam seriously reacted with the reporter denying any kinds of his involved into the manipulation of share trading.

The regulators and stock exchange officials recently identified those people but did not bring into light for unknown reasons.

Insurance sector is striving hard to survive during coronavirus pandemic  but share price of the same sector increased eight times within only three months period.

Mr Hero opened a fake company in the name of his wife, a cooperative and did business in the name of other people. The official is managing an insurance-centric portfolio of worth Tk hundreds crores of. Market participants are amazed at the source of his money.

When Asked how he was managing so many accounts and what was the source of the money, Mr Jasim Uddin said , “DIT Co-operation Cooperative is an organization of many people. I am not alone here, ”

Lutful Gani Tut with his company Satrang Agro Fisheries and his wife his wife Shammi Newaz traded over Tk 100 crore through several different BO account under the syndicate.