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DSE suspends broker for swindling Tk 6.5cr

Sarwar A Chowdhury
The Dhaka Stock Exchange yesterday suspended a stockbroker indefinitely on charges of swindling its clients out of nearly Tk 6.5 crore in shares and cash.
MH Chowdhury Securities Ltd, the stockbroker, misappropriated cash from its clients and moved shares from their BO (beneficiary owner) accounts, the monitoring team of the premier bourse said after an initial investigation.
The stockbroker admitted that it misused the clients' share portfolio and embezzled cash. "I accept the deficit amount as found by the DSE monitoring team,” the stockbroker said in a letter to the Dhaka bourse.
The DSE monitoring team will now open a thorough investigation into the stockbroker, which ultimately may lose its licence.
DSE officials said, as part of a regular inspection the monitoring team in October last year found a shortage of shares in some clients' BO accounts. The shortfall in shares was equivalent toTk 3.80 crore.
The monitoring team also found a deficit of hard cash worth Tk 1.37 crore in the BO accounts of its clients.
The DSE then served a notice of hearing on MH Chowdhury Securities. The stockbroker at the hearing in January this year promised to return the shares to its clients through buying at its own cost and to deposit the deficit amount of money within 21 working days.
As the stockbroker did not go by its promise, the DSE on February 8 sent a
letter to MH Chowdhury Securities saying that the stockbroker failed to give back the clients' shares and deposit the cash.
The stockbroker on February 13 replied that it returned the shares and deposited the money.
But after checking the stockbroker's books and accounts, the DSE found that MH Chowdhury Securities gave false statement.
The stockbroker then requested the DSE management to give it additional time up to March 12 to pay back the cash and shares.
Meanwhile, the DSE monitoring team further found that the broker transferred different companies' shares worth Tk 96 lakh from the BO accounts of its 60 clients to another place through 'link accounts' without the clients' permission.
Yet again, the team did not find 27,800 IPO shares of Grameenphone worth Tk 43 lakh either in the BO accounts of 139 clients or in back-office software or in the depository participant account, although the shares were supposed to be in the BO accounts of the clients.
In a web posting, the DSE said the clients of MH Chowdhury Securities can collect their money from the brokerage house or transfer their shares through link account, if they wish to do so.
"The clients of the brokerage house can contact DSE for help if they have any difficulty in collecting their money or transferring shares,” the bourse said.
sarwar@thedailystar.net