Staff Correspondent
October 22, 2025

The Bangladesh Securities and Exchange Commission (BSEC) has uncovered evidence of alleged money laundering disguised as a corporate investment worth Tk 249.5 crore in Quest BDC Limited — formerly known as Padma Printers and Color Ltd — a company listed on the over-the-counter (OTC) market.

Following the findings, the capital-market regulator has resolved to forward the case to the Anti-Corruption Commission (ACC) for a full-scale investigation.

The decision came during the 978th commission meeting held on Tuesday, October 21, 2025, chaired by BSEC Chairman Khandaker Rashed Maksud.

According to an official notification issued after the meeting, Quest BDC had invested Tk 24.95 crore in shares of Thyrocare Bangladesh Ltd, purchasing stocks with a face value of Tk 10 each at a price of Tk 52.25. The valuation process was conducted by City Bank Capital Resources Ltd, its then Managing Director Irshad Hossain, along with LR Global Bangladesh Asset Management Company Ltd’s CEO and Chief Investment Officer Riaz Islam.

BSEC’s preliminary probe found that the valuation and subsequent transaction effectively facilitated the transfer of Tk 24.95 crore from Quest BDC to Thyrocare Bangladesh, with indicators of illicit fund movement. The commission concluded that the operation bears signs of money laundering and has therefore resolved to submit the case to the ACC for further scrutiny and legal action.

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