BSEC to investigate S Alam-owned Aviva equity’s loans and financial transactions

The Bangladesh Securities and Exchange Commission (BSEC) has launched an investigation into Aviva Equity Management Ltd, a subsidiary of Aviva Finance owned by the S Alam Group, over its loans, financial dealings, and possible money laundering.

To protect the interests of the capital market and general investors, the regulator formed a three-member committee comprising Director Md Monsur Rahman, Joint Director Sultana Parvin, and Assistant Director Md Maruf Hasan. The panel has 60 working days to submit its report.

The investigation will review the total loans provided by Aviva Finance to Aviva Equity, the outstanding dues with interest as of August 2025, and the progress of repayment.

The committee will also examine whether the company has taken loans from other sources, the purpose of loan utilisation, compliance with regulatory requirements, any margin loans provided to related parties, and whether any portion of the loan was involved in money laundering.

Additionally, the committee will assess reasons behind delayed repayment and the firm's ability to fully repay the loans, including a possible timeline.

A BSEC official, speaking on condition of anonymity, said the investigation committee was formed based on preliminary complaints and inquiries, and further steps will be taken after receiving the committee's report.

Aviva Equity, which provides brokerage services to retail, institutional, expatriate, and foreign clients, has faced regulatory scrutiny before.

In September 2023, the DSE identified a shortfall of Tk3.06 crore million in the Consolidated Customer Account (CCA). Investigations revealed that the company had misused client funds and presented false information on available balances.

In September 2024, the company was freed from the control of S Alam Group, following the cancellation of its board of directors.