The Dhaka Stock Exchange (DSE) discovered that the owner of the Nurani Dyeing, who had already fled the country, embezzled about Tk41 crore in IPO funds raised by the respective company.
On May 9, the Bangladesh Securities and Exchange Commission (BSEC) established an inquiry committee to look into the theft of IPO funds by Nurani Dyeing and Sweater Ltd, a Feni-based sweater exporter.
However, the company, which went public in 2017, has been providing misleading financial information and bogus supporting documents since the beginning of its IPO preparations. Until a DSE examination in mid-2020 discovered the factory permanently closed, it was filing fraudulent turnover and fund utilization figures.
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