Shakib Al Hasan, Hiru under ACC scrutiny for stock market manipulation

The Anti-Corruption Commission (ACC) has initiated a major investigation into an extensive stock market manipulation and money laundering scheme allegedly led by Md Abul Khayer (alias Hiru), a deputy registrar at the Department of Cooperatives, Dhaka.

The inquiry also involves former lawmaker and cricketer Shakib Al Hasan, who has been named as the no. 2 accused in the case.

According to the ACC case statement, Abul Khayer (Hiru), 38, along with several associates, engaged in a coordinated criminal conspiracy by abusing official powers and deliberately violating Section 17 of the Securities and Exchange Ordinance, 1969.

He allegedly conducted fraudulent share trading through his own BO accounts, including speculative series transactions, deceptive active trading, and gambling-style speculation to manipulate stock prices.

The ACC alleges that Hiru and his network artificially inflated the prices of selected shares through organised and continuous buying and selling, misleading general investors and causing massive financial losses.

The group is accused of misappropriating Tk 2.57 billion invested by unsuspecting shareholders.

The commission further states that Hiru withdrew this illicit income—presented as abnormal capital gains—from the stock market and, with the assistance of his wife, Kazi Sadia Hasan, laundered Tk 299 million across different channels to conceal its criminal origin.

Investigators identified suspicious transactions amounting to Tk 5.42 billion across 17 bank accounts held by Hiru.

Following these findings, a case was filed on 17 June 2025 under the Money Laundering Prevention Act, 2012; Prevention of Corruption Act, 1947; and multiple sections of the Penal Code, including 409, 420, 467, 468, 120B, and 109.

For the investigation, the ACC has summoned all 15 accused named in the FIR to appear for questioning on 25 and 26 November 2025.

Among them, former lawmaker Shakib Al Hasan has been ordered to appear at the ACC headquarters at 10:00 am on 26 November 2025 to provide his statement.

The ACC said that Shakib is already under a separate inquiry for allegedly possessing wealth beyond known sources of income, being investigated under file number 00.01.2600.603.01.332.25. He will be questioned regarding both matters on the same day.

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