A Dhaka court has imposed travel ban on 10 individuals, including 9 foreign nationals, in a case involving the embezzlement of Tk 275 crore through fraudulent documentation for listing a company on the stock market.
The Bangladeshis and foreigners are accused of collaborating in the financial scam.
The accused include Abdul Kader Faruk, chairman of Far Group, along with several foreign directors of the company “Ring Shine Textile Ltd-DEPZ,” who are alleged to have submitted fake documents to include the company in an initial public offering (IPO) despite its lack of working capital.
Senior Special Judge Sabbir Faiz at Dhaka’s Metropolitan Court imposed the travel ban on Thursday after a plea from the Anti-Corruption Commission (ACC).
The foreign nationals banned from leaving the country are Sung Wen Li Angela, Sung Jai Min, Xiao Liu Yi Chi, Madam Chuk Kwan, Madam Xiao Yen Shin, Sung Chung Yao, Madam Hang Xiu Lai, Xiao Hai He, and Sung Wei Min.
According to the ACC’s request, Abdul Kader Faruk, in collaboration with foreign directors, allegedly manipulated documents to fraudulently list the company on the stock market, defrauding investors of Tk 275 crore.
In exchange for his involvement, Faruk reportedly received 40%-60% of the illicitly gained funds through a memorandum of understanding (MOU) with the company. The case remains under investigation by the ACC.
