Shakib Al Hasan, 14 accused in Tk 256cr stock scam
Collected Photo
A court set 23 September for submitting the investigation report against 15 individuals, including cricketer and former Awami League (AL) MP Shakib Al Hasan,
Dhaka Metropolitan Sessions Judge Shahjahan Kabir fixed the new date on Monday as the investigation report was not submitted on Monday. Anti-Corruption Commission (ACC) filed the case over allegations of stock market manipulation, fraud, and money laundering.
The other accused in the case are Deputy Registrar of the Department of Cooperatives Md Abul Khayer alias Hiru, his wife Kazi Sadia Hasan, Abul Kalam Madbor, Konika Afroz, Mohammad Bashar, Sajed Madbor, Aleya Begum, Kazi Fuad Hasan, Kazi Farid Hasan, Shirin Akter, Javed A Matin, Md Zahed Kamal, Md Humayun Kabir, and Tanvir Nizam.
ACC filed the case on 17 June 2025, alleging the embezzlement of Tk 256,97,70,304. The case alleged that the accused engaged in a criminal conspiracy and abused their power for quick financial gain.
They systematically violated existing laws and regulations regarding stock market investment - specifically Section 17 of the Securities and Exchange Ordinance, 1969. The charges said they manipulated the market through dishonest, unethical, and illegal transactions, gambling, and rumors in BO accounts linked to their interests.
The accused reportedly bought and sold specific shares in a coordinated manner to artificially inflate prices. By deceiving general investors and luring them to invest in those shares, they caused significant losses.
They then withdrew the proceeds of crime - earned under the guise of abnormal realized capital gains - amounting to Tk 256,97,70,304 from the stock market.
The allegations added that Shakib colluded in the market manipulation by investing in shares of Paramount Insurance Limited, Crystal Insurance Limited, and Sonali Papers Limited, which were being manipulated by Abul Khayer.
By directly assisting in deceiving and luring general investors to invest in the manipulated shares, Shakib allegedly withdrew Tk 2,95,02,915 from the stock market as criminal earnings under the name of realized capital gains and embezzled the funds.
