DHAKA, Jan 2, 2023 (BSS) - The High Court (HC) today sought information on what actions have been taken against Syed Hamja Alalgir, Managing Director (MD) of asset management company Universal Financial Solution (UFS) for allegedly embezzling Taka 158.37 crore from country's stock market.

The court asked Bangladesh Securities and Exchange Commission (BESC) authorities to submit its explanation within 30 days. 

A High Court division bench of Justice Md Nazrul Islam Talukder and Justice Khizir Hayat passed the order in suo moto and issued a rule in this regard.

The court in its rule asked authorities concerned including BSEC and Anti-Corruption Commission (ACC) to explain as to why it shall not declare their inaction over the alleged fleeing of UFS MD after embezzling Taka 158.37 crore, shall not be declared illegal.

ACC lawyer Md Khurshid Alam Khan brought a newspaper report on the embezzlement to court's attention, and the court later came up with the order. Deputy Attorney General AKM Amin Uddin Manik stood for the state.

The court also asked ACC and Bangladesh Financial Intelligence Unit (BFIU) to investigate the matter.