Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The Anti-Corruption Commission (ACC) has filed a case against former cricket superstar Shakib Al Hasan and 14 of his associates over their alleged involvement in share price manipulation and money laundering.
In a press release, the ACC said the cricket player had been found as one of the investors in a share-price manipulation process.
Earlier, Shakib and his partner Abul Khayer's name appeared several times in probe reports of the stock market regulator, relating to stock manipulations.
The Bangladesh Securities and Exchange Commission (BSEC) has already imposed penalties on them.
However, this is the first time the ACC lodged a case against Shakib and his associates.
According to the press release, they earned nearly Tk 2.57 billion through unlawful trading in shares.
ACC investigators found that 15 individuals, including Shakib, had used their beneficiary owner's (BO) accounts to trade among themselves and artificially inflated some selective stocks in violation of securities laws.
As stocks jumped to a certain high, they sold shares to exit the market with hefty profits.
Later, the securities plunged to the anguish of general investors.
ACC investigators also identified unusual transactions worth Tk 5.42 billion, involving 17 bank accounts of Mr Khayer.
They bring charges under the money laundering act, corruption prevention act and Penal Code 1860.
The press release cited that Mr. Shakib was involved as an investor in the manipulation of stocks of Paramount Insurance, Cristal Insurance and Sonali Paper and earned capital gains worth Tk 29.50 million.
The remaining 14 accused in the ACC case are Md. Abul Khayer, deputy registrar of the Department of Cooperatives; his wife Kazi Sadia Hasan, 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.
farhan.fardaus@gmail.com