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Published : 26 Nov 2025, 03:51 PM
The Anti-Corruption Commission (ACC) has been unable to submit its investigation report against former national cricket team captain and ex-MP Shakib Al Hasan, his mother Shirin Akter and 13 others in a criminal case carrying charges of stock market manipulation leading to the embezzlement of billions of taka.
The anti-graft agency has been given four more months to submit its report after missing the court's deadline on Wednesday, with Dhaka Metropolitan Senior Special Judge Sabbir Faiz setting Mar 3,2025, as the new submission date, according to ACC Assistant Director Aminul Islam from the prosecution wing.
The ACC had also asked the country’s most successful cricketer, who is currently abroad, to appear at its headquarters and give a statement on the same day.
The other accused in the case are Abul Khair, deputy registrar of the Department of Cooperatives Department, his wife Kazi Sadia Hasan, Abul Kalam Madbar, Kanika Afroz, Mohammad Bashar, Sazed Madbar, Aleya Begum, Kazi Fuad Hasan, Kazi Farid Hasan, Javed A Matin, Zahed Kamal, Humayun Kabir and Tanvir Nizam.
On May 17, ACC Assistant Director Sajjad Hossain filed the case of money laundering in the stock market. On Jun 16, the court issued a travel ban against Shakib.
In the case dossier, the ACC states that the accused had systematically violated existing laws and regulations related to investment in the stock market, such as Section 17 of the Securities and Exchange Ordinance, 1969, with the “malicious intent of abusing power through criminal conspiracy in collusion with each other”.
According to the ACC’s findings, the group used multiple beneficiary owner (BO) accounts to engage in speculative and manipulative trading, misleading retail investors and extracting profits through artificially engineered price hikes in specific stocks.
The scheme reportedly led to losses among the public and enabled the accused to misappropriate nearly Tk 2.57 billion, presented falsely as capital gains.
One of the key accused, Abul Khair, alias Hiru, allegedly laundered nearly Tk 299.04 million with assistance from his wife, Kazi Sadia Hasan, by transferring funds across various channels to obscure their origin.
Investigators also flagged over Tk 5.42 billion in suspicious transactions through 17 bank accounts in his name.
The ACC’s complaint says Shakib invested in shares of Paramount Insurance, Crystal Insurance, and Sonali Paper -- three companies targeted by Khair’s stock manipulation scheme.
“He actively participated in market manipulation and lured ordinary investors into investing in those manipulated shares by deceiving them, withdrawing Tk 295.29 million from the stock market as proceeds of crime under the guise of realised capital gain.”
The Bangladesh Securities and Exchange Commission (BSEC) had fined Shakib Tk 5 million last September for allegedly manipulating the share price of Paramount Insurance.
At that time, the BSEC had fined Abul Khair Tk 250,000, Ishal Communication Limited Tk 750,000, Monarch Mart Limited Tk 100,000, Abul Kalam Madbar Tk 1 million, Lava Electrodes Industries Tk 100,000, and Zahed Tk 100,000.
The cricket legend was elected as an MP from the Magura-1 constituency in early 2024 as an Awami League candidate. Since the Sheikh Hasina-led government was ousted from power in August last year, he has been abroad.
