The Bangladesh Securities and Exchange Commission (BSEC) has established a committee to investigate market manipulation allegations involving Mohammed Saiful Alam of S Alam Group and Salman F Rahman of Beximco Group, along with their family members.Â
The four-member committee, chaired by a BSEC Director, is tasked with delivering its report within 60 days. The investigation is prompted by allegations from a news report linking Salman F Rahman to past loan defaults and the 1996 share market scam. Reports suggest that Rahman leveraged political connections to clear his name and gain control over Islami Bank Bangladesh in 2017, obtaining substantial loans in the process. Additionally, past issues with GMG Airlines, including sudden profit increases and alleged manipulation in the sukuk market, are under scrutiny. Rahman is accused of using political influence to pressure banks into investing in Beximco’s sukuk, with allegations of rule changes to facilitate this.