Staff Reporter :
In a significant development in Bangladesh’s ongoing anti-corruption efforts, former Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-Ul-Islam and prominent businessman Salman F Rahman have been permanently banned from participating in the capital market. The decision follows their alleged involvement in the high-profile IFIC Bank ‘Amar Bond’ scandal, widely regarded as one of the most serious financial frauds in recent years.
The scandal came to public attention earlier this year when Shibli Rubayat-previously known for spearheading key capital market reforms-was arrested on 4 February 2025 in Dhaka’s Dhanmondi area. His arrest followed a formal case lodged by the Anti-Corruption Commission (ACC), implicating him in bribery, money laundering, and abuse of regulatory authority.
According to the ACC’s case, filed by Deputy Director Md Masudur Rahman of the Money Laundering Prevention Unit on 5 February, Shibli had allegedly received Tk1.92 crore in bribes through a fraudulent house rent agreement. He also stands accused of facilitating fake export transactions and falsified contracts, which allowed illicit foreign currency inflows into the country.
One of the more serious allegations involves the unauthorised transfer of $361,000 into Bangladesh in breach of both banking protocols and anti-money laundering regulations. With assistance from complicit bank officials, the funds were moved without proper documentation or customer due diligence-key requirements under national and international financial compliance standards. Shibli allegedly retained Tk1.84 crore of the amount for personal gain.
The case has highlighted systemic weaknesses within financial regulatory bodies and underscored the potential for collusion between public officials and private sector actors in exploiting financial loopholes.
As the investigation gained momentum, Shibli was placed under a travel ban on 25 June, and on 8 July, a Dhaka court ordered the seizure of a 10-storey commercial building in Savar-allegedly built using illicit funds. The property, situated on 15 kathas of land, is registered under Shibli’s ownership.
Simultaneously, Salman F Rahman, a high-profile businessman and political figure, was also implicated due to his connections to IFIC Bank, the issuer of the Amar Bond.
Although he has not been detained, the lifetime ban imposed on him from engaging in capital market activities reflects the severity of the allegations and a clear intent by regulatory authorities to restore investor confidence and uphold market integrity.
This dual ban is among the most forceful disciplinary actions taken against influential figures in Bangladesh’s financial sector. Market observers view it as a landmark step towards accountability, signalling that former positions of power will not guarantee immunity.
The Amar Bond scandal has since become a defining moment in Bangladesh’s anti-corruption campaign. The wide-ranging consequences-spanning arrests, asset seizures, travel restrictions, and lifetime disqualifications-mark a new chapter in the enforcement of financial transparency and corporate governance.
However, financial analysts warn that while these actions are significant, they must be followed by structural reforms to regulatory frameworks, enhanced enforcement of compliance standards, and greater public transparency in financial oversight. Only then, they argue, can the recurrence of such misconduct be effectively prevented.
As legal proceedings continue against Shibli and others implicated in the case, the eventual court rulings are expected to set a critical precedent for the treatment of white-collar crime in Bangladesh’s still-maturing capital market.
