ACC sues Shakib Al Hasan, 14 others for 'Tk256cr stock market fraud'
ACC Director General Md Akhter Hossain confirmed the matter this afternoon (17 June)
The Anti-Corruption Commission (ACC) has filed a case against former Bangladesh cricket captain and ex-MP for Magura-1, Shakib Al Hasan, along with 14 others, for allegedly embezzling Tk256 crore from the stock market through fraud.
ACC Director General Md Akhter Hossain confirmed the matter this afternoon (17 June).
The case was filed by ACC Assistant Director Sazzad Hossain. A day earlier, on 16 June, a court issued a travel ban against all 15 accused, including Shakib.
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Among the other notable accused in the case are Md Abul Khayer alias Hiru, deputy registrar of the Department of Cooperatives, and his wife Kazi Sadia Hasan.
The remaining accused are Abul Kalam Madbor, Kanika Afroze, Mohammad Bashar, Sazed Madbor, Aleya Begum, Kazi Fuad Hasan, Kazi Farid Hasan, Shirin Akhtar, Javed A Matin, Md Zahed Kamal, Md Humayun Kabir, and Tanvir Nizam.
According to the case statement, the accused colluded in a criminal conspiracy, abusing their power and violating existing laws and regulations regarding stock market investments.
They allegedly manipulated the market through illegal speculative trading, gambling, and spreading rumours, conducting multiple questionable transactions using their own beneficiary owner (BO) accounts to serve their personal interests.
Regarding Shakib Al Hasan's involvement, the statement says he invested in Paramount Insurance Ltd, Crystal Insurance Ltd, and Sonali Papers Ltd – companies whose shares were being manipulated by co-accused Md Abul Khayer. Through this investment, Shakib allegedly became complicit in the market manipulation scheme.
The case alleges that Shakib, by directly supporting the scheme and luring general investors, embezzled Tk2.95 crore under the guise of realised capital gains, which he illegally extracted from the stock market.
Speaking to reporters, ACC Director General Md Akhter Hossain said, "Shakib Al Hasan invested in three companies whose shares were manipulated. He was involved in the market manipulation process."
Earlier in April, the ACC launched an inquiry against Shakib over allegations of money laundering and acquiring assets beyond known sources of income. A two-member investigation team led by ACC Deputy Director Mahbubul Alam was formed for the probe.
The case statement also alleges that accused Md Abul Khayer, with the assistance of his wife Kazi Sadia Hasan, layered and transferred illicit funds amounting to Tk21.14 crore, earned under the guise of capital gains, across various channels to conceal their source.
It further states that Abul Khayer conducted suspicious transactions totalling Tk542.31 crore through 17 bank accounts.
The accused have been charged under multiple provisions of the Money Laundering Prevention Act, 2012.
