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Published : 17 Jun 2025, 04:17 PM
The Anti-Corruption Commission (ACC) has filed a criminal case against cricketer Shakib Al Hasan and 14 others on charges of allegedly manipulating the stock market to embezzle billions.
The case was filed on Tuesday by ACC Assistant Director Sajjad Hossain, said the anti-graft agency’s Director General for Prevention Akhtar Hossain.
This is the first time the national graft watchdog has taken legal action against Shakib, who previously served as a brand ambassador for the commission.
The charges relate to what the ACC describes as a coordinated scheme involving fraudulent trading practices and insider collusion to artificially inflate share prices and deceive general investors.
The accused allegedly violated provisions of the Securities and Exchange Ordinance, 1969, including Section 17, among other laws.
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.
By profiting from these trades, Shakib allegedly participated in the market manipulation and fraudulently earned nearly Tk 29.5 million, which the ACC considers criminal proceeds.
The case has been filed under multiple laws, including the Money Laundering Prevention Act (2012), the Prevention of Corruption Act (1947), and several sections of the Penal Code, including criminal conspiracy, fraud, and breach of trust.
The star allrounder was elected as an MP from Magura-1 constituency in early 2024 as an Awami League candidate. However, he has been abroad since the Sheikh Hasina-led government was ousted in August last year.
During his time in Canada, he was named in a separate murder case filed with Adabor police.
The ACC is also investigating Shakib over other allegations, including illegal gambling operations, involvement in gold smuggling, fraud in crab exports, corruption in cricket, and non-disclosure of assets in his election affidavit.
