BSEC sends suspended director into compulsory retirement over misconduct

The Bangladesh Securities and Exchange Commission (BSEC) has sent its suspended Director Abu Raihan Mohammad Mutasim Billah into compulsory retirement after a departmental investigation proved multiple charges of misconduct against him.

The decision was finalised during the commission's 991st meeting, concluding a formal case involving six specific allegations. The charges included providing misleading information regarding the progress of a house construction project, misusing advance funds, and submitting fraudulent bills and vouchers for work that had not been executed.

An internal audit report found that excess loans amounting to Tk60.99 lakh, along with Tk9.45 lakh in accrued interest, had not been refunded or deposited. He was also accused of failing to return Tk25 lakh taken for building construction.

An inspection team formed by the commission visited the designated plot on 22 January this year and found no evidence of the building on the scheduled land.

However, on 9 September 2024, the accused officer had informed the commission in writing that the foundation and first-floor work of a five-storey building had been completed in line with the approved design. The inspection report identified clear inconsistencies between that claim and the actual situation.

The investigation further established that, despite no construction taking place, bills worth Tk40.73 lakh were submitted on 23 February 2022 through nine vouchers for the purchase of bricks, cement, rods, sand and other materials. Additionally, his application dated 12 August 2024 seeking another Tk25 lakh for interior decoration and development work was also questioned.

Following a decision at the 972nd commission meeting on 9 September 2025, a departmental case was initiated, and a show-cause notice was issued. Although Raihan submitted a written explanation, he did not seek a personal hearing. Later, at the 974th meeting on 23 September, an executive director was appointed as the investigation officer.

In the report submitted on 27 November 2025, the investigation officer concluded that allegations numbered 2, 3, 5 and 6 were proven as misconduct. However, charges of negligence in duty, theft, embezzlement, misappropriation of funds or fraud were not substantiated.

At the 987th meeting on 9 December, the commission reviewed the report and decided in principle to impose a major penalty, issuing a second show-cause notice. Although the accused responded on 29 December, his explanation was deemed unsatisfactory.

Finally, at the 991st commission meeting, the charges were considered proven beyond a doubt, and Raihan was found guilty. While dismissal or removal could have been imposed under the rules, the commission decided to grant compulsory retirement, considering humanitarian and financial factors.

The decision has been implemented under the relevant provisions of the Commission Employees Service Rules, 2021.