Crest Securities closes operation; DSE calls for freezing consolidated accounts

Crest Securities Ltd, a member of the Dhaka Stock Exchange, has closed its operations and has also shut its office down without any prior announcement.

For the sudden closure, the investors are worried about the security of the money and shares invested in the company. 

The investors alleged that Managing Director Md Shahid Ullah and other officials of Crest Securities have embezzled their money and fled.

The head office of Crest Securities at Purana Paltan in the capital was found under lock and key.  

Confirming the authenticity of the incident, Dhaka Stock Exchange (DSE) Managing Director Kazi Sanaul Hoq told The Business Standard, "We are confirmed about the closure of the company. We already have issued a letter to Bangladesh Bank to freeze its consolidated accounts." 

He continued, "Central Depository Bangladesh Limited (CDBL) has also been asked to suspend its Depository Participant (DP) along with suspending the company's trade."

"Now, we will take legal actions against the company. Also, we will try to protect the interests of the investors there," he added. 

Md Saifur Rahman, executive director of the Bangladesh Securities and Exchange Commission (BSEC), told The Business Standard that BSEC has requested Bangladesh Bank to freeze the consolidated customer account of this company. 

"Moreover, the company is a member of DSE. So they will take legal actions against it. It will face actions from BSEC as well," he added.  

Meanwhile, some of the investors went to the Dhanmondi residence of Md Shahid Ullah, the managing director of Crest Securities as the office was closed. 
But they did not find anyone there. Even there was no furniture in the residence, they alleged.   

The reporter tried to reach Md Shahid Ullah several times through his personal mobile phone. But it was switched off. 

It is unknown if there is any other owner available in the company.