Photo : Collected
A new charge of embezzling money from the stock market has been added against Amin Ahmed, owner of Best Holdings (Hotel Le Meridien), accused in the Anti-Corruption Commission (ACC) case on charges of illegal wealth acquisition and revenue evasion.
It is known that Amin Ahmed’s owned company Best Holdings Limited has been given permission to issue an IPO in the stock market. Through which Tk 350 crore are being planned to be raised - complaints have been submitted to the ACC.
On November 20, The Daily Messenger published a report on Best Holdings Limited regarding the fraudulent withdrawal of money from the capital market. There, capital market stakeholders criticized the Bangladesh Securities and Exchange Commission (BSEC) for allowing such controversial companies to raise money.
It is mentioned in that report, Best Holdings is going to extract Tk 350 crore from ordinary investors in the stock market by showing more assets of crores of taka in various ways including unusual building construction expenses, showing low depreciation charges, unimaginable land development expenses. Due to numerous irregularities and misrepresentations by Best Holdings, the IPO of the company may be considered eligible for cancellation as per condition No. 11 under 2CC of the Securities and Exchange Ordinance 1969.
Meanwhile, the investigation has been started by linking the complaint with the ongoing old investigation. A team led by an Assistant Director of ACC has been assigned the task. The complaint further states that he embezzled and laundered Tk 1,500 crore through SVP loan from the bank in the name of purchase of placement shares of Best Holdings Limited.
On October 10 this year, Bangladesh Securities and Exchange Commission approved the IPO in the name of Best Holding Limited. Earlier, on October 3, the ACC filed a case against six people, including the former chairman of BASIC Bank Sheikh Abdul Hai Bachchu and the owner of Hotel Le Meridien, Amin Ahmed, on charges of concealment of about Tk 95 crore and revenue evasion of Tk 8.5 crore. ACC Deputy Director Nurul Huda filed the case as the plaintiff. An investigation officer has already been appointed in this case.
On the other hand, another separate allegation of illegal wealth of Hotel Le Meridian owner Amin Ahmed Bhuiyan is under investigation by the ACC. ACC Deputy Director Mozammil Hossain is conducting the investigation.
According to ACC sources, he was issued an asset notice in January 2020 after preliminary investigations revealed the fact of illegal acquisition of assets. It is said that the search work has not been completed even though the asset account has been submitted.
On October 22, 2019, Amin Ahmed Bhuiyan was interrogated by the deputy director of the agency, Mosharraf Hossain Mridha, on charges of encroachment of government property, acquisition of illegal assets and money laundering abroad.
Amin Ahmed Bhuiyan was accused of owning hundreds of crores of taka by embezzling various businesses and government properties under the guise of hotel business. Besides, there were allegations of encroachment of 700 acres of Khas land in Subarnachar area of Noakhali and money laundering abroad.
Messenger/Disha
