The Anti-Corruption Commission (ACC) on Tuesday filed a case against former Bangladesh cricket captain and ex-lawmaker Shakib Al Hasan, Department of Cooperatives official Abul Khayer Hiru, and 13 others for allegedly manipulating the stock market and embezzling nearly Tk 257 crore through fraudulent means.
ACC Director General Md Akhtar Hossain confirmed the development during a press briefing later in the day.
Sazzad Hossain, an assistant director at the corruption watchdog, filed the case a day after a court had imposed travel bans on all 15 accused.
According to the case statement, the accused conspired to manipulate the stock market in violation of securities laws.
They allegedly engaged in fraudulent transactions, artificial price inflation, and market manipulation through rumours and unethical trading practices.
The defendants reportedly inflated share prices of specific companies in a coordinated manner, luring ordinary investors into purchasing those shares. They then embezzled Tk 256.97 crore under the guise of “realised capital gains.”
Abul Khayer Hiru, the prime accused, along with his wife Kazi Sadia Hasan, allegedly laundered Tk 21.14 crore of illicit funds by layering and transferring the money across various channels to conceal its origin.
Hiru is also accused of carrying out suspicious transactions totalling Tk 542.31 crore across 17 bank accounts.
According to the ACC, Shakib Al Hasan invested in manipulated stocks of Paramount Insurance Limited, Crystal Insurance Limited, and Sonali Paper & Board Mills Limited, thereby aiding in the market manipulation.
He allegedly earned Tk 2.95 crore from these fraudulent transactions while misleading general investors.
ACC Director Md Akhtar Hossain said, “Shakib invested in three companies whose shares were artificially manipulated. He was involved in this market manipulation.”
The ACC began investigating Shakib in April, following allegations of money laundering and the accumulation of undisclosed wealth. A two-member investigation team led by ACC Deputy Director Mahbubul Alam was assigned to the case.
Alongside Shakib and Hiru, the following individuals have also been accused in the ACC case: Hiru’s wife Kazi Sadia Hasan, father Abul Kalam Madbor, Kanika Afroze, Mohammad Bashar, Sajed Madbor, Aleya Begum, Kazi Fuad Hasan, Kazi Farid Hasan, Shirin Akhter, Javed A Matin, Md Zahed Kamal, Md Humayun Kabir, and Tanvir Nizam.
