Share scam: ACC files case against Shakib, 14 others

The Anti-Corruption Commission (ACC) yesterday filed a case against cricketer and former lawmaker Shakib Al Hasan and 14 others for allegedly embezzling Tk256 crore from the stock market through fraud.

ACC Director General Md Akhter Hossain disclosed the information at a press briefing at ACC's Segunbagicha headquarters. The case was filed by ACC Assistant Director Sajjad Hossain.

Deputy Registrar of the Department of Cooperatives Md Abul Khair Hiru has been named the main accused in the case. The other accused are his wife Kazi Sadia Hassan, Abul Kalam Madbar, Konica Afroz, Mohammad Bashar, Sajed Madbar, Aleya Begum, Kazi Fuad Hassan, Kazi Farid Hassan, Shirin Akhter, Javed A Matin, Md Jahed Kamal, Md Humayun Kabir, and Tanvir Nizam.

According to the ACC, the accused conspired to artificially inflate share prices for personal gain through illegal transactions, fraudulent trading, and market speculation. These actions caused heavy losses to general investors.

The group allegedly misappropriated Tk 256.98 crore. Of this, Abul Khair and his wife misappropriated Tk 29.94 crore by concealing its source in tax returns. Khair also conducted suspicious transactions worth Tk 542.32 crore through 17 bank accounts.

The ACC said Shakib colluded with the main accused, Abul Khair, in manipulating shares of Paramount Insurance, Crystal Insurance, and Sonali Paper Mills, earning Tk 2.95 crore in "realised capital gain" from general investors' funds.

The case was filed under the Corruption Prevention Act, 1947, and the Penal Code following a preliminary inquiry and ACC approval.