Dhaka, Nov. 5 -- 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.

BSEC's 980th commission meeting on Tuesday reached the decision, chaired by Khondoker Rashed Maqsood.

The real estate company had raised around Tk 10 billion by selling the bond in 2023, despite having no prior experience in constructing flats or plots...