FAS Finance and Investment Limited was established on 4 March 1997 and received license to operate as a merchant bank 22 January 1998.[7]
FAS Finance and Investment Limited became a public limited company on 18 August 2001.[7]
On 14 February 2007, FAS Finance and Investment Limited open its branch in Chittagong and in Narsingdi in July.[7] The institution held an IPO in 2007.[7]
FAS Finance and Investment Limited opened a branch in Sylhet on 9 July 2008.[7]
The company was initially run by Abdul Matlub Ahmad, chairman of Nitol Niloy Group, and his family members.[8] It was financially sound until they sold their stakes in 2014.[8] Prashanta Kumar Halder and his associates took control in 2014 and appointed Md Rassel Shahriar managing director of FAS Finance and Investment Limited.[9] Md Rassel Shahriar and Prashanta Kumar Halder worked together in the same bank in 2007.[9] Ujjal Kumar Nandi, another associate of Halder, was appointed director of FAS Finance and Investment Limited.[2]
On 28 April 2017, Md Siddiqur Rahman was appointed managing director of FAS Finance and Investment Limited.[10] He served as a director of Nitol Insurance Company Limited, a concern of Nitol Niloy Group, and Clewiston Foods & Accommodation Limited, a concern of Clewiston Group.[10][11]
Pritish Kumar Sarker became the managing director of FAS Finance and Investment Limited in January 2018.[12] The company was profitable till 2018.[13]
The Bangladesh Securities and Exchange Commission on 31 May 2021 had formed a new board of directors for FAS Finance and Investment Limited.[12] On 7 June 2021, Bangladesh Bank stopped Pritish Kumar Sarker, managing director of FAS Finance and Investment Limited, from travelling to the United States.[12] The ban was confirmed by immigration unit of the Bangladesh Police.[14] Prashanta Kumar Halder had embezzled 13 billion taka from FAS Finance and Investment Limited through fraudulent loans.[12][15] Halder had scammed three other financial institutions leaving to unable to pay back loans taken from various banks in Bangladesh.[16][17] He was able to do so by getting his relatives appointed as directors in those institutions.[18] Officers at FAS Finance and Investment Limited who refused to help Halder with the fraud were punished by the company.[19] Halder had left the financial institution financially crippled.[8] Halder was arrested in India which raised the prices of the stocks of FAS Finance and Investment Limited.[8]