Court Sets September 23 Deadline for Report on Shakib Al Hasan in Market Manipulation Case

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A Dhaka court has rescheduled the submission of the investigation report in a high-profile money laundering case involving former national cricket team captain and ex-member of parliament Shakib Al Hasan. Metropolitan Senior Special Judge Shahjahan Kabir set September 23 as the new date after the Anti-Corruption Commission (ACC) failed to present its findings on the originally appointed day.

The case, initiated by ACC Assistant Director Sajjad Hossain in June 2025, centers on allegations of a sophisticated stock market manipulation scheme. Authorities claim that Shakib and 14 others engaged in a criminal conspiracy to artificially inflate share prices, defrauding general investors and violating the Securities and Exchange Ordinance of 1961. Prosecutors allege that the group misappropriated over 256.97 crore taka, funneling the illicit proceeds through their individual beneficiary owner (BO) accounts.

In addition to Shakib, the list of accused includes Deputy Registrar of the Department of Cooperatives Abul Khair, his wife Kazi Sadia Hasan, and several other individuals identified as Mohammad Bashar, Kazi Fuad Hassan, Kazi Farid Hassan, and others. Investigators allege that Khair, assisted by his wife, attempted to disguise the origin of approximately 21.14 crore taka gained through capital market activities. Furthermore, forensic audits reportedly uncovered abnormal transactions exceeding 542 crore taka across 17 bank accounts linked to Khair.

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The ACC launched its formal inquiry into Shakib’s financial dealings in April 2025, establishing a two-member team led by Deputy Director Mahabubul Alam to probe allegations of money laundering and the accumulation of wealth beyond known sources of income.

The inclusion of the former cricket star in the investigation marks a significant development given his previous history with the anti-graft agency. Shakib had served as a brand ambassador for the ACC’s anti-corruption campaigns and its 106 hotline service beginning in 2018. However, the commission opted not to renew the contract in 2022 amid mounting controversies surrounding his public profile.