SEC Director (Law) Mohammad Mizanur Rahman filed the case with the Court of Chief Metropolitan Magistrate, Dhaka.

Metropolitan Magistrate Mohammad Mizanur Rahman recorded statement of the complainant and issued summons upon the accused to appear before the court on November 16.

Other accused are Premier Bank Limited (PBL), Kazi Abdul Majid, sacked managing director, Syed Nawsher Ali, vice-president and director of Banani branch, Nurul Alam Chowdhury, deputy director, Mokhlesur Rahman Mukul, first executive officer, Equity Partners Securities Limited (EPSL), Syedur Rahman, sacked EPSL executive director, and EPSL Managing Director Saiful Islam.

The complainant said the SEC on December 26 last year gave approval to the PBL for collecting about Tk 55.75 crore capital to issue 55,75,497 general shares under Public Issue Rules, 1998.

Every depository participant (DP) must have a beneficial owners (BO) account at any bank to get shares as per the Depository Act, 1999.

The SEC gave a registration to the PBL for conducting their proceedings as DPs on May 25 last year.

The bank however did not open any BO account after getting the registration certificate until January 26. But it opened 2,600 such accounts using the bank account numbers until February 12, the complainant said.

The SEC learnt from news items published in The Financial Express and the Sangbad on January 27 and February 9 that the accounts opened by the PBL and EPSL were fake.

The commission had formed a four-member probe committee to look into the matters. The committee found that the accused in connivance with others opened a huge number of bank accounts through its branches using fictitious names, photographs and addresses.

They did it only to grab the shares worth Tk 55,75,49,700 illegally, the complainant added.