Court defers probe report in Tk257cr stock market manipulation case against Shakib, 14 others
The case accuses the defendants of manipulating share prices through fraudulent transactions and trading, gambling, and speculation.
A Dhaka court has rescheduled 26 November for the submission of the investigation report in a case against former Bangladesh cricket captain and ex-MP Shakib Al Hasan and 14 others over allegations of stock market manipulation, fraud, and money laundering.
Dhaka Metropolitan Sessions Judge Md Sabbir Foyez fixed the new date today (21 September) after the Anti-Corruption Commission (ACC) failed to submit the report due today.
The accused in the case include Deputy Registrar of the Department of Cooperatives Abul Khayer and his wife Kazi Sadia Hasan. The other accused are Abul Kalam Madbar, Kanika Afroz, Mohammad Bashar, Sajed Madbar, Aleya Begum, Kazi Fuad Hasan, Kazi Farid Hasan, Shirin Akhter, Javed A Matin, Zahed Kamal, Humayun Kabir, and Tanvir Nizam.
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The case, filed by ACC Assistant Director Sajjad Hossain on 17 May, accuses the defendants of manipulating share prices through fraudulent transactions and trading, gambling, and speculation. The alleged scheme caused heavy losses to general investors, while the accused misappropriated Tk256.97 crore — defined as "proceeds of crime."
The case alleges that Abul Khayer, with the help of his wife, concealed Tk29.94 crore and laundered it through various channels. Investigators also found unusual and suspicious transactions worth Tk542.31 crore across 17 bank accounts operated in his name.
It further states that Shakib Al Hasan invested in shares of Paramount Insurance Ltd, Crystal Insurance Ltd, and Sonali Papers Ltd — companies allegedly manipulated by Abul Khayer. Through this, Shakib allegedly assisted in market manipulation and misappropriated Tk2.95 crore from general investors under the guise of "realised capital gain".
