The Anti Corruption Commission (ACC) today filed a case against former captain of the Bangladesh Cricket Team and former lawmaker, Shakib Al Hasan, along with 14 other individuals, for allegedly manipulating the share market and engaging in money laundering.
Md Akhter Hossain, Director General (DG) of the ACC, disclosed the information during a briefing held at the commission’s headquarters in Segunbagicha. Assistant Director (AD) of the ACC, Sajjad Hossain, filed the case.
The other individuals accused in the case include Md Abul Khair (Hiru), Deputy Registrar of the Department of Cooperatives; Kazi Sadia Hassan; Abul Kalam Madbar; Konica Afroz; Mohammad Bashar; Sajed Madbar; Aleya Begum; Kazi Fuad Hassan; Kazi Farid Hassan; Shirin Akhter; Javed A Matin; Md Jahed Kamal; Md Humayun Kabir; and Tanvir Nizam.
According to the ACC, the accused, in collusion, breached established stock market regulations for immediate personal gain through the misuse of power and criminal conspiracies. The commission alleges that this syndicate artificially inflated the value of specific shares through illegal series transactions, fraudulent active trading, gambling, and speculation using various beneficiary owner (BO) accounts. As a result, general investors in the share market were reportedly defrauded and incurred significant financial losses.
The ACC stated that through these illicit activities, the accused misappropriated a total of Tk 2,56,97,70,304. Of this amount, accused Abul Khair and his wife Kazi Sadia Hassan allegedly transferred Tk 29,94,42,185 to others while concealing the sources of these funds in their tax returns. Furthermore, accused Abul Khair (Hiru) reportedly conducted suspicious and unusual transactions totaling Tk 542,31,51,982 through 17 of his bank accounts.
Regarding Shakib Al Hasan’s involvement, the ACC official asserted that Shakib, in connivance with principal accused Abul Khair, was directly implicated in market manipulation by investing in the shares of Paramount Insurance Limited, Crystal Insurance Limited, and Sonali Paper Mills Limited. Through this manipulation, Shakib allegedly withdrew and misappropriated Tk 2,95,02,915 from the general investors’ fund, disguised as “realized capital gain.”
Following a preliminary inquiry and approval from the commission, the ACC filed the case under Section 4 of the ACC Act-2012, Section 5(2) of the Corruption Prevention Act-1947, and Sections 409, 420, 467, 468, 120(B), and 109 of the Bangladesh Penal Code.
Officials stated that appropriate legal actions would be taken against the accused individuals upon the completion of the final investigation into the case.
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