Shakib Al Hasan's Bangladesh Comeback Takes A Hit As Fresh Scam Involvement Surfaces

Shakib Al Hasan [Source: AFP]

Bangladesh’s popular cricketer, Shakib Al Hasan, is now the focus of a major fraud investigation. The Anti-Corruption Commission (ACC) says Shakib worked with a group of manipulators to inflate share prices and trick ordinary people into losing their money.

The total loss to investors is estimated at Tk 2.57 billion. This week, ACC officers seized important documents from the stock market regulator’s office to strengthen the case as Shakib Al Hasan’s involvement deepened.

How Did The Stock Manipulation Scheme Work?

The case, filed by the ACC on 17 June last year, describes a carefully planned criminal conspiracy. The main suspect, Md Abul Khair, widely known as Abul Khair Hero, is a deputy registrar at the Department of Cooperatives. 

Investigators say he and 14 others used a network of trading accounts to carry out deceptive transactions. They targeted the shares of three companies: Paramount Insurance, Crystal Insurance and Sonali Paper.

Through active fake trading and series transactions, the group artificially drove up the prices of these stocks. Ordinary investors saw the rising prices and believed they were genuine. They bought the overpriced shares, hoping for quick profits.

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Once prices peaked, the manipulators sold their holdings and cashed out. The ACC says the group withdrew the illegal profits as “realised capital gains,” money they kept after selling at the inflated rates. The fallout was a staggering Tk 2.57 billion in losses for the general public.

Shakib Al Hasan’s Alleged Involvement In The Scam

According to the ACC, Shakib did not simply buy shares by accident. The commission states that Shakib colluded with Khair and deliberately invested in the manipulated shares.

Shakib Al Hasan’s involvement had a special effect. As a superstar, his financial moves attracted attention and trust. When retail investors saw that someone as famous as Shakib was buying, they felt safe putting their own money in.

The ACC says this helped lure many into the trap. Shakib then allegedly took out Tk 29.5 million as his own realised capital gains, essentially profiting from the same fraud that devastated small investors.

The charge sheet accuses him of embezzlement, criminal breach of trust, cheating and forgery under the Penal Code. He also faces charges under the Money Laundering Prevention Act and the Prevention of Corruption Act.

Shakib Al Hasan's Bangladesh Comeback Hope Dashed?

Shakib Al Hasan’s much-discussed return to Bangladesh cricket now faces an even bigger roadblock. For months, the veteran all-rounder has been speaking openly about his last wish to come home and play one final series before retiring.

Although fresh talks regarding his Bangladesh return were circulating since the last few weeks, earlier, BCB ad-hoc committee president Tamim Iqbal had already stated plainly that Shakib cannot wear the national jersey again unless all legal battles are fully resolved.

With his bank accounts frozen since November, a travel ban in place, and now fresh evidence being gathered by investigators, the cricketer’s dream of a farewell series feels more distant than ever.

Shakib’s Downfall From Anti-Corruption Ambassador to Accused

Adding to the scandal’s irony is Shakib’s previous public role. For years, he served as a brand ambassador for both the Bangladesh Securities and Exchange Commission (BSEC) and the ACC itself.

He was the face of the ACC’s anti-corruption campaigns and helped launch its “106” hotline in 2018, a number people could call to report corruption. Citizens were urged to stand against dishonesty, and Shakib Al Hasan was their messenger.

That association came under strain long before this case. The ACC did not renew his contract as ambassador in 2022, a time when controversies around him were growing.

Legal Troubles Pile Up For Shakib

The ACC case is not the only action Shakib faces. Even before the criminal charges, the stock market regulator penalised him. In September last year, the BSEC fined him Tk 5 million for manipulating shares.

Shortly after, his bank accounts were frozen by the Bangladesh Financial Intelligence Unit. A travel ban was also imposed, preventing him from leaving the country through formal routes; however, at that point, he was already abroad.

Shakib Al Hasan was in Canada on 5 August 2024, the day the Sheikh Hasina government collapsed. He has not returned to Bangladesh since then.

Documents Seized As Investigation Deepens

The ACC had sought certified copies of the relevant trading documents from the BSEC as early as May last year. This week, investigators physically seized official records from the commission’s office.

ACC Deputy Director and Public Relations Officer Md Aktarul Islam confirmed the development, stating that the move is a routine but crucial step to gather solid evidence. 

The seized papers are expected to show the exact trading patterns, the flow of money, and the connections between the suspects.

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