Shakib Probe Report Deferred Again

The investigation report in a high-profile corruption and stock market manipulation case involving former Bangladesh cricket captain Shakib Al Hasan and 14 others has once again been delayed. A Dhaka court has now directed the Anti-Corruption Commission to submit its findings by 27 July.

The report was scheduled to be presented on Wednesday before the Metropolitan Senior Special Judge’s Court in Dhaka. However, as the Anti-Corruption Commission failed to file the investigation report within the stipulated timeframe, Judge Md Sabbir Faiz fixed a new date for submission.

According to court officials, investigators requested additional time because of the complexity of the financial transactions involved in the case. The inquiry reportedly includes scrutiny of numerous bank accounts, verification of financial documents and analysis of coordinated share transactions linked to the accused individuals.

The case centres on allegations of large-scale stock market manipulation, embezzlement, money laundering and the acquisition of illegal assets. The Anti-Corruption Commission filed the case on 17 May last year through Assistant Director Sajjad Hossain. Subsequently, on 16 June of the same year, the court imposed a travel restriction on Shakib Al Hasan.

Investigative documents claim that the accused operated multiple Beneficiary Owners accounts to conduct coordinated transactions in the capital market. Investigators allege that artificial shortages were created in selected shares to generate abnormal demand and inflate market prices. Retail investors were allegedly encouraged to purchase shares at elevated prices before the accused sold their holdings and secured substantial profits.

The Anti-Corruption Commission stated in its complaint that such activities caused significant financial losses for ordinary investors. Investigation records mention the alleged embezzlement of approximately Tk 256.97 crore, an amount reportedly shown as “abnormal capital gains” but which investigators claim constituted proceeds of unlawful activities.

One of the principal accused, Department of Cooperatives Deputy Registrar Abul Khayer, also known as Hiru, allegedly conducted suspicious financial transactions through 17 separate bank accounts. Investigators reportedly identified transactions amounting to more than Tk 542.31 crore linked to those accounts. Authorities further allege that nearly Tk 29.94 crore was transferred through various channels with the assistance of his wife, Kazi Sadia Hasan, in an attempt to launder funds.

The investigation also alleges that Shakib Al Hasan was involved in share manipulation linked to Paramount Insurance, Crystal Insurance and Sonali Papers. According to the allegations, he earned approximately Tk 2.95 crore through manipulated market transactions. Although those earnings were reportedly declared as realised capital gains, investigators maintain that the funds represented illegally obtained income.

Other accused individuals in the case include 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.

Market analysts have long argued that organised share manipulation and artificial price inflation have weakened investor confidence in Bangladesh’s capital market. They believe that the timely investigation and judicial resolution of such cases could play an important role in improving transparency, strengthening accountability and restoring trust among investors.