UFS MD flees with Tk 158 crore

Staff Reporter :
Universal Financial Solution’s (UFS) Managing Director (MD) Sayed Hamza Alamgir has fled with Tk 158 crore. As a result, Bangladesh Financial Intelligence Unit (BFIU), the only authority to monitor money laundering in the country, has seized 15 accounts of UFS and related personnel.
BFIU officials confirmed the matter on Tuesday saying that BIFU has issued letters to all those who are necessary over the issue.
Other seized account holders are Israt Alamgir, Sayeda Meherin Rahman, Sayed Alamgir Faruk Chowdhury, Sayeda Sheherin Rahman, Aliya Haque Alamgir, Mahdi Haque, Tarek Masud Khan, Mohammad Jakir Hossain and Umme Islam Sohana.
Earlier various media have reported that an asset management company named UFS has embezzled Tk 158 crore from four mutual fund of share market. Alleged company’s MD Sayed Hamza Alamgir has fled to Dubai with this money. The money laundering started from 2018.
Alleged company’s MD now living in Singapore, media further reported.
On Monday, the High Court sought explanation about the alleged embezzlement of Tk 1.58 billion from four mutual funds of the share market by Syed Hamza Alamgir, managing director of Universal Financial Solution (UFS), an assets management company, and about his fleeing from the country.
The Securities and Exchange Commission (SEC) and Investment Corporation of Bangladesh (ICB) have been asked to submit their explanations before the HC in 30 days.
The court also asked the Anti-Corruption Commission (ACC) and the Bangladesh Financial Intelligent Unit (BFIU) to conduct a probe into the allegation.
The HC Bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the order on a Suo Muto (voluntary) move following a report published in this regard on Bangla daily Jugantor on January 1 this year.
The HC also issued a rule asking the authorities concerned to explain as to why their inaction in taking action against Syed Hamza Alamgir, embezzlement and laundering of the money should not be declared illegal.
Securities and Exchange Commission, Investment Corporation of Bangladesh, Bangladesh Financial Intelligence Unit and Anti Corruption Commission have been asked to comply with the rule.
Lawyer Khurshid Alam Khan, a counsel for the ACC, placed the news report before the HC Bench for necessary directives. Deputy Attorney General AKM Amin Uddin represented the state during the court proceedings.
According to the published report, “Universal Financial Solutions (UFS), an assets management company, embezzled Tk 1.58 billion from four mutual funds of the share market.
Managing director of the company Syed Hamza Alamgir left for Dubai on October 13 with this money. He is currently in Singapore. The group started the process of transferring the funds from 2018.”
“In this case, the regulatory body Bangladesh Securities and Exchange Commission (BSEC) was kept in the dark by fabricating the bank report and showing fake FDR (Fixed Deposit Rate). But for mysterious reasons the trustee and the custodian of the fund ICB was inactive for 4 years. The audit company also validated the fake report. This information came out in the preliminary investigation of BSEC,” also read the report.