Court denies ex-BSEC chairman Shibli bail in bribery, fraud case
According to the ACC, Shibli received Tk1.92 crore through a fraudulent house rent agreement from Monarch Holdings to his personal account. He also allegedly received Tk1.84 crore via fake export transactions using fabricated sales contracts.
A Dhaka court today (30 October) rejected the bail petition of former Bangladesh Securities and Exchange Commission (BSEC) chairman Shibli Rubaiyat-Ul Islam in a case accusing him of accepting a Tk3.76 crore bribe and committing fraud and forgery.
The order was issued by Dhaka Metropolitan Senior Special Judge Sabbir Faiz after a hearing on the bail plea, confirmed Anti-Corruption Commission (ACC) prosecutor Delwar Jahan Rumi.
Shibli was sued by the ACC on 5 February for allegedly receiving bribes totalling Tk3.76 crore. The case also names Monarch Holdings Chairman Javeed A Matin, Xin Bangla Fabrics owner Ariful Islam, and three Mutual Trust Bank officials as co-accused.
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According to the ACC, Shibli received Tk1.92 crore through a fraudulent house rent agreement from Monarch Holdings to his personal account. He also allegedly received Tk1.84 crore via fake export transactions using fabricated sales contracts.
The commission accused him of fraud and forgery for presenting a fake sales agreement and failing to export the goods as claimed.
Shibli was brought to the Dhaka Metropolitan Court from jail around 10am yesterday and produced before the court at 11:40am. His lawyer, Barrister Asifur Rahman, filed a bail petition on his behalf.
During the hearing, Asifur said, "Shibli Rubaiyat owns ancestral land in Gazipur. In 2021, he made an agreement with a Bangladeshi-origin American citizen for land development and rent on his father's property. The money was received according to that agreement.
"Later, another person raised an objection and claimed that money. To resolve the matter, a case was filed in court. The ACC has filed this case over our personal agreement from 2021."
He added, "It has also been alleged that unethical advantages were given in issuing brokerage house licences under the Securities Commission. But there is no question of unethical advantage here.
"Applicants submit requests to the Dhaka Stock Exchange, pay the required fees, and follow due process. Whoever applies properly gets approval. There is no scope for unethical benefit. We are seeking bail for the accused."
At one point, Shibli asked through his lawyer for permission to speak, but the judge responded, "You have said enough on his behalf," and rejected the bail petition, sending him back to prison.
Shibli has been in jail since his arrest on the night of 4 February from Dhaka's Dhanmondi. His arrest came shortly after the home ministry cancelled his passport and imposed a travel ban on him and eight other former BSEC officials on 29 January.
During his tenure, allegations of widespread capital market manipulation surfaced. Shibli resigned as BSEC chairman just five days after the fall of the Awami League government in August 2024.
