Bangladesh insurance regulator warns over fake circulars targeting sector stocks
Bangladesh's insurance regulator is warning the public about forged circulars being circulated online under its name, logo and identity. The false notices relate to paid-up capital, motor insurance and marine insurance, while the authority says an investigation and legal action are underway.
Highlights
- Insurance Development and Regulatory Authority (Idra) warns that two circulars about the insurance sector circulating on social media are fake and not issued by the regulator.
- Idra states the forged documents were spread by stock market investor groups to manipulate insurance share prices, specifically referencing paid-up capital, motor insurance, and marine insurance.
- Idra confirms an ongoing investigation into the forged circulars and announces legal action is being pursued against the individuals or groups involved.
Official warning over forged notices
As reported by The Business Standard, the Insurance Development and Regulatory Authority, Idra, has issued an urgent notice saying two circulars circulating on social media and other platforms are fake and were not issued by the regulator.Idra says the documents are baseless and misleading, and urges policyholders, insurers, media professionals and other stakeholders to use only its approved official communication channels to verify any directive, circular or public notice. The authority also specifically asks journalists and media representatives to confirm any Idra-related information with relevant officials before publication or broadcast.
Market manipulation concerns and legal steps
A senior Idra official says several stock market investor groups spread the fake circulars to manipulate insurance share prices. The regulator's caution follows the circulation of forged notifications tied to paid-up capital, motor insurance and marine insurance.Idra says an investigation into the forged documents is currently underway, and necessary legal action is being taken against the individuals or groups involved under applicable laws. The regulator ends its warning by urging the public not to spread fake news or fraudulent documents and to verify information responsibly.
In our earlier article on CTOS Digital’s cybersecurity incident and its financial impact, we noted that service disruptions were expected to weigh on the company’s revenue and profitability. We also highlighted that the longer the disruption lasted, the greater the potential hit to earnings and customer confidence, adding to pressure on the stock.
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