According to the BSEC, LR Global chief executive officer Riaz Islam and bdnews24.com editor-in-chief Toufique Imrose Khalidi allegedly used fake statements to inflate share prices of the online media portal. LR Global invested money of mutual funds it manages in bdnews24.com by purchasing shares of the news portal at a higher price, it said. The six funds managed by LR Global are DBH First Mutual Fund, Green Delta Mutual Fund, AIBL First Islamic Mutual Fund, MBL First Mutual Fund, LR Global Bangladesh Mutual Fund One and NCCBL Fund One. LR Global is an affiliate of LR Managers Investments, a New York-based investment holding company operating in Bangladesh. LR Global bought 39,200 shares of the online portal for Tk 12,500 each, which was abnormally high, the report said.

Source: bd News24 October 30, 2021 16:03 UTC