Husband, wife fined Tk 25 lakh for manipulating Global Insurance share

There is an allegation that female investor Roxana Amjad and her associates have amassed huge profits by increasing share prices of Global Insurance through serial trading. 

One of her associates was her husband, a retired military doctor, Md. Amjad Hossain Fakir. He is also a stock trader.

Bangladesh Securities and Exchange Commission (BSEC) has fined them Tk 25 lakh for manipulating stock prices of Global Insurance through serial trading. 

Serial trading is buying and selling of shares among the same beneficiary accounts in order to impact the share price.

According to information, the Global Insurance share manipulation incident took place from April 5 to June 14, 2021. When the matter came to the attention of the BSEC, the Dhaka Stock Exchange (DSE) was ordered to form an investigation committee on June 15. Dhaka Stock Exchange ran an investigation and submitted a report to the commission.

According to the investigation report, Roxana Amjad and her associates fraudulently traded shares of Global Insurance and withdrawn a total profit of Tk 1, 13,86,069 crore. In view of this, the BSEC summoned the accused for a hearing. As the statements of the accused were not found acceptable during the hearing, the BSEC has taken strict actions against the fraud.