The submission of the investigation report in a case filed against former Bangladesh national cricket captain and former Member of Parliament Shakib Al Hasan and 14 others over alleged share market manipulation and the misappropriation of more than Tk 2.56 billion has been deferred once again.
The court has set 23 September as the new deadline for submitting the report after the Anti-Corruption Commission (ACC) sought additional time, as investigators were unable to complete their work and file the report within the previously scheduled timeframe.
On Monday, 27 July, Dhaka Metropolitan Sessions Judge and Senior Special Judge Md Shahjahan Kabir fixed the new date for submission of the investigation report. The report had initially been scheduled to be filed on 27 July, but the ACC failed to submit it on that date. Aminul Islam, public prosecutor and director of the ACC’s prosecution department, confirmed the development.
The case was filed on 17 May last year at the ACC’s head office by its assistant director, Sajjad Hossain. Shakib Al Hasan is among 15 accused named in the case. The others include Abul Khayer, deputy registrar of the Department of Cooperatives; his wife, Kazi Sadia Hasan; Abul Kalam Madbar; Kanika Afroze; Mohammad Bashar; Sajed Madbar; Aleya Begum; Kazi Fuad Hasan; Kazi Farid Hasan; Javed A Matin; Zahed Kamal; Humayun Kabir; and Tanvir Nizam.
According to the case statement, the accused allegedly operated as an organised group to manipulate the share market through deceptive transactions and subsequently launder illicit proceeds. The ACC alleges that the group used beneficiary owner, or BO, accounts linked to their interests to conduct a series of transactions designed to artificially inflate the prices of selected shares.
The alleged scheme, according to the complaint, involved creating an artificial impression of demand and price growth through coordinated buying and selling. Once the prices of particular shares rose, ordinary investors were allegedly encouraged to believe that the securities had strong market potential and were subsequently drawn into investing in them. The complaint claims that many such investors later suffered financial losses after the effects of the alleged manipulation became apparent.
The ACC has alleged that more than Tk 25.69 billion was misappropriated through the process. The amount was allegedly presented as abnormal capital gains, but investigators have described it as proceeds derived from alleged criminal activity.
The case also contains allegations of money laundering against Md Abul Khayer Hiru. According to the complaint, Tk 299.44 million of the funds allegedly withdrawn from the share market was transferred through various channels with the assistance of his wife, Kazi Sadia Hasan. The ACC has alleged that such transfers were intended to conceal the actual source of the money.
The case statement also refers to 17 bank accounts operated in Hiru’s name, through which transactions totalling Tk 54.23 billion were allegedly carried out. The transactions have been described in the complaint as unusual, unjustified and suspicious. Investigators are examining the nature and source of those transactions, as well as the alleged roles of the individuals connected with them.
Shakib Al Hasan has separately been accused of involvement in the alleged manipulation through investments in certain listed companies. The complaint states that he invested in shares of Paramount Insurance Ltd, Crystal Insurance Ltd and Sonali Paper & Board Mills Ltd, which the ACC has linked to the alleged manipulation attributed to Hiru.
According to the ACC’s allegations, Shakib’s investments formed part of a broader process through which investors were allegedly encouraged to put money into the shares concerned. The complaint further alleges that he withdrew Tk 29.50 million from the share market as realised capital gains, which the ACC has characterised as proceeds from alleged criminal activity.
The allegations against all the accused remain unproven and will have to be established through the legal process. The filing of a case or the inclusion of an individual as an accused does not, in itself, establish guilt.
The next significant step in the proceedings will be the submission of the investigation report. Once filed, the report is expected to provide greater clarity on the evidence gathered, the investigators’ findings and the proposed course of further legal action. The court’s newly fixed date of 23 September will therefore be closely watched in connection with the long-running case involving allegations of share market manipulation, suspicious financial transactions and the movement of suspected illicit funds.