DHAKA, July 30, 2025 (BSS) - The Bangladesh Securities and Exchange Commission (BSEC) has imposed lifetime bans on Salman F Rahman, former IFIC Bank PLC chairman and Beximco Group vice-chairman, former BSEC chairman Shibli Rubayat-Ul-Islam, and Salman's son Ahmed Shayan Fazlur Rahman, former IFIC Bank vice-chairman, from participating in the country’s capital market.

BSEC also fined Salman Taka 100 crore and Shayan Taka 50 crore for their involvement in what the regulators called one of the most serious cases of investor fraud linked to the IFIC Guaranteed Sreepur Township Green Zero Coupon Bond, also known as the ‘IFIC Amar Bond’.

The decisions were made at the 965th Commission Meeting of the BSEC, held on Tuesday in the commission's meeting room and chaired by BSEC Chairman Khondoker Rashed Maqsood, said a press release today.

Alongside these three, many officials of IFIC Bank, BSEC, and several other entities also faced action over their involvement in the scam.

In a rare act of self-correction, the regulator has declared Shibli persona non grata for life for procedural violations tied to both the IFIC bond and the BEXIMCO Green Sukuk. It also banned former commissioner Dr Sheikh Shamsuddin Ahmed for five years for the same violations.