Asset management company Universal Financial Solutions (UFS) Equity Partners has been accused of misappropriating Tk 158 crore 37 lakh from four mutual funds listed in the capital market. Syed Alamgir, managing director of the company, embezzled money by showing fake bank reports and fake FDR (Fixed Deposit Rate). In this situation, the Bangladesh Securities and Exchange Commission (BSEC) has asked for 23 pieces of information from the company and its fund stakeholders. According to sources, it has been ordered to submit these information by January 8.
Recently a letter in this regard has been sent to the Managing Director of UFS Equity Partners. At the same time, the matter has been informed to the managing director of the life insurance company looking for the trustee of the mutual fund.
The regulatory agency has already formed an inquiry committee to look into the complaint. The investigation is still ongoing. Based on the report of the investigation committee, the commission will take necessary measures to protect the interests of the investors.
The information sought in the BSEC’s letter is- all previous and current financial reports of UFSEPL Venture Capital and UFSEPL Private Equity Funds managed by UFS, all bank statements of the two funds, participation of entrepreneurs in the two funds and their bank account statements, customers of the funds and their amount of money. Information, the list of members of investment committee in two funds is sought. Along with this, the funds have been asked to submit the bank statements of the businesses that have been invested in since the beginning of the two funds.
Funds are asked about the financial status of the companies in their portfolio. The information disclosed about the investment status and certain limits of the two funds, the consent letters received from the trustees regarding the investment of the two funds in unlisted companies, the asset value of the funds and the management fees from inception to date and all related information have been asked to be submitted to the commission by January 8.
On the other hand, bank accounts of 15 individuals including Universal Financial Solutions (UFS) and their Managing Director (MD) Syed Hamza Alamgir have been suspended or attached for allegedly fleeing after embezzling Tk 158 crore. According to the Prevention of Money Laundering Act, Bangladesh Financial Intelligence Unit (BFIU) has sent a letter to all the financial institutions of the country.
In a letter sent to banks and financial institutions, the BFIU ordered the suspension of all accounts of 15 individuals and institutions, including Universal Financial Solutions.
The letter contains the name, address and TIN number (Tax Identification Number) of the organization. The address of the company is given in the letter as Paramount Heights, Level-11, 65/2/1, Box Calvert Road, Purana Paltan, Dhaka.
Besides, the names of Ishrat Alamgir and Syeda Mehreen Rahman are there. Their address is given — Apartment-301, House-16, Road-101, Gulshan-2, Dhaka. Syed Alamgir Farooq Chowdhury and Syeda Shehrin Hussain at the same address are Apartment-D 5, House 32, Road-5, Dhanmondi, Dhaka.
Syed Hamza Alamgir, Alia Haque Alamgir and Maheed Haque MD of UFS. Their address is Apartment-103, House 18, Road-101, Gulshan-2, Dhaka.
Tareq Masood Khan is named in the letter. His address is House-301, Road-19/B, New DOHS, Mohakhali, Dhaka. Address of Mohammad Zakir Hossain is 535, Paschim Nakhalpara, Tejgaon, Dhaka. Moses. Umm Islam Sohana Address House-13, Road-1, Block-I, Banani, Dhaka.
Also on the list of suspended bank accounts are UFS-IBBL Shariah Unit Fund, UFS-Popular Life Unit Fund, UFS-Bank Asia Unit Fund and UFS-Padma Life Islamic Fund.
Meanwhile, the High Court has ordered to inform what measures have been taken in this regard on Monday. Justice Md. has ordered BSEC and ICB to explain in this regard within the next 30 days. The High Court bench comprising Nazrul Islam Talukder and Justice Khizir Hayat. At the same time, the rule has been issued seeking to know why the inaction of the authorities to take action against Syed Alamgir, the managing director of the institution, will not be illegal.
When asked about this, Executive Director and Spokesperson of BSEC Mohammad Rezaul Karim told RisingBD that BSEC investigated the asset management company Universal Financial Solutions at the initial stage in view of various complaints. Several irregularities were found in the investigation. A full-fledged inquiry committee has been constituted to take legal action against the company, which is still under investigation. Upon completion of the investigation, the Commission will take prompt action against violations of the Securities Act based on the report filed. Where the commission will not make any concession regarding the interests of the investors.
Regarding the refund, he said, everything has been done according to the rules of the fund. If there is a loss to the investors, what measures will be taken against it, it has been said. Trust deed is very important in that case. The commission will take action after looking at the trust deed as to how the investors will be compensated. In that case, the commission will try to ensure that investors do not lose their investment and get it back.
