The Bangladesh Securities and Exchange Commission (BSEC) has fined former IFIC Bank managing director Shah Alam Sarwar Tk 50 million after confirming “fraudulent practices” in the promotion of the “IFIC Amar Bond”. Although the bond was issued under the name of a housing company, Shreepur Township Limited, it was promoted publicly as the “IFIC Amar Bond”. Investors were “misled” to believe that IFIC Bank had issued the bond directly, while the bank was only a guarantor. Shreepur Township Limited collected funds using the bank’s name,” BSEC said. The market regulator also imposed financial penalties: Salman was fined Tk 1 billion, Shayan Tk 500 million, and credit rating agency Emerging Credit Rating Tk 1 million.
