Probe report against Shakib in stock manipulation case on May 20

 
A Dhaka court has set May 20 for submission of the investigation report in a case filed against former national cricket captain and ex-MP Shakib Al Hasan and 14 others over alleged stock market manipulation, fraud and money laundering.

Dhaka Metropolitan Sessions Judge Md Sabbir Foyez fixed the new date on Tuesday (March 3). The Anti-Corruption Commission (ACC) filed the case on June 17 last year, alleging embezzlement of Tk 2.56 billion.

According to the complaint, the accused conspired to manipulate the stock price in violation of Section 17 of the Securities and Exchange Ordinance, 1961. They allegedly inflated prices of certain shares through coordinated trading, misleading general investors and causing them to suffer significant financial losses.

The prosecution claims the accused collectively misappropriated Tk 2,569,770,304 in the name of abnormal trade, realised capital gains and withdrew the proceeds from the market.

The case also alleges that Shakib invested in shares of Paramount Insurance Limited, Crystal Insurance Limited and Sonali Papers Limited, the companies allegedly manipulated by co-accused Md Abul Khayer alias Hiru, and earned Tk 29,502,915 as realised capital gains, which investigators describe as proceeds of crime.