A Dhaka court has once again deferred the submission of the investigation report in a corruption and money laundering case involving former Bangladesh national cricket captain Shakib Al Hasan and 14 others over alleged stock market manipulation, embezzlement and the acquisition of illegal assets.
The report had been scheduled for submission on Wednesday, 20 May. However, as the Anti-Corruption Commission (ACC) failed to place the report before the court, Metropolitan Senior Special Judge Mohammad Sabbir Faiz fixed 27 July as the new date for submission. The information was confirmed by ACC prosecution division Assistant Director Aminul Islam.
The case was originally filed on 17 May last year by ACC Assistant Director Sazzad Hossain. According to the complaint, the accused were involved in organised market manipulation through coordinated trading activities in the capital market, allegedly earning hundreds of crores of taka through unlawful means. On 16 June last year, the court also imposed a travel ban on Shakib Al Hasan in connection with the investigation.
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Other Accused in the Case
The other individuals named in the case include Deputy Registrar of the Department of Cooperatives Abul Khayer, his wife Kazi Sadia Hasan, Abul Kalam Madbor, Konika Afroze, Mohammad Bashar, Sazed Madbor, Aleya Begum, Kazi Fuad Hasan, Kazi Farid Hasan, Javed A Matin, Zahed Kamal, Humayun Kabir and Tanvir Nizam.
Allegations of Market Manipulation
According to the first information report, the accused allegedly used beneficiary owner (BO) accounts linked to their own interests to conduct speculative and deceptive trading practices. Investigators allege that the group formed an organised syndicate that artificially inflated the prices of selected shares through repeated buying and selling.
The complaint further states that ordinary investors were enticed into purchasing those shares after observing the rapid price increases created by the alleged manipulation. Once retail investors entered the market, the accused allegedly sold their holdings at inflated prices, causing substantial losses to the general public.
Authorities estimate that the group misappropriated more than Tk 256.97 crore, which was presented as capital gains but is alleged to have originated from criminal activities.
Key Financial Allegations
| Allegation | Amount |
|---|---|
| Alleged total embezzlement through market manipulation | Tk 256.97 crore |
| Alleged money laundering involving Abul Khayer and his wife | Tk 29.94 crore |
| Suspicious transactions through 17 bank accounts linked to Abul Khayer | Tk 542.31 crore |
| Alleged unlawful gains involving Shakib Al Hasan | Tk 2.95 crore |
The case documents claim that Abul Khayer, also known as Hiru, transferred Tk 29.94 crore from proceeds allegedly obtained through stock market activities into various sectors with assistance from his wife, Kazi Sadia Hasan, in what investigators describe as money laundering.
Investigators also cited “abnormal, unreasonable and suspicious” transactions amounting to more than Tk 542.31 crore across 17 bank accounts associated with Khayer.
Shakib’s Alleged Role
According to the ACC complaint, Shakib Al Hasan invested in shares of Paramount Insurance Limited, Crystal Insurance Limited and Sonali Papers Limited, companies allegedly linked to manipulated trading activities orchestrated by the syndicate.
The complaint alleges that his involvement contributed to market manipulation and encouraged ordinary investors to purchase the affected shares. Investigators claim that he later withdrew Tk 2.95 crore from the stock market as realised capital gains, which the ACC alleges constituted proceeds from criminal activity.
The investigation remains ongoing, and no formal charges have yet been framed before the court. All accused are entitled to defend themselves against the allegations during the judicial process.