BSEC identifies Facebook user spreading rumour about stock market

The capital market regulator has identified four people, including a Facebook user with the ID “Halted Mizanur Rahman”, involved in deceiving investors by predicting market prices of listed securities through social media.

The Bangladesh Securities and Exchange Commission (BSEC) is now in the process of identifying the mobile number, email address and BO accounts associated with the Facebook ID, according to BSEC sources.

Legal action will be taken against the owner of the Facebook ID, which includes the confiscation of his BO accounts, the sources said.

In addition, BSEC has also identified Ashraful Islam, Ayman Nahian Kallol, Shariful Islam and others who have been involved in similar offences.

A two-member investigation committee, including BSEC’s Assistant Directors Md Kamal Hossain and HM Saleh Sadman, has been formed to bring the culprits under the law.

The committee has been asked to submit a report within the next 10 days about those spreading rumours about the stock market using social media, including “Halted Mizanur Rahman”.

To protect the interests of ordinary investors, the rumour mongers will be penalised, BSEC Executive Director and Spokesperson Mohammad Rezaul Karim told Business Insider Bangladesh.

The committee will also find all the BO accounts connected to “Halted Mizanur Rahman” and how much money he made through his misdeeds, he said.

Earlier on May 17, a team of Detective Branch of Police arrested Md Mahbubur Rahman, who was found spreading rumours about the stock market through his Facebook page.

He was arrested based on the general diary of BSEC.

Besides, 31 rumour-mongering Facebook IDs have been deactivated following BSEC’s complaint.

It is to be noted that BSEC has formed a “Social Media Monitoring Cell” to identify those spreading rumours about the stock market through various social media including Facebook and WhatsApp.

The activities of the cell are being conducted under the supervision of Prof Dr Sheikh Shamsuddin Ahmed, commissioner of BSEC’s Market Surveillance and Intelligence Department (MSID).