‘Shibli funneled Tk3.76cr to Hasina-Rehana from stock mkt’
Staff Reporter :
Shibli Rubayat Ul Islam, former Chairman of Bangladesh Securities and Exchange Commission (BSEC) is accused of orchestrating one of the largest financial scandals in the country’s history, allegedly sending off Tk 3.76 crore to former Prime Minister Sheikh Hasina and her sister Sheikh Rehana through illegal stock market activities.
The appalling revelation was made by Dhaka Metropolitan Detective Police (DB) Chief Rezaul Karim Mallick.
Shibli was arrested during a raid in Dhanmondi on the night of February 4. According to DB Chief Mallick, Shibli’s actions during his tenure as BSEC Chairman severely destabilized Bangladesh’s financial institutions. He is accused of illegally transferring the colossal sum of Tk 3.76 crore to Sheikh Hasina and Sheikh Rehana, exploiting his position to manipulate the stock market.
Following the fall of the Awami League government on August last year, the Bangladesh Financial Intelligence Unit (BFIU) froze the bank accounts of Shibli and seven others, including his son Zuhair Sarar Islam. Last month, the Home Ministry revoked Shibli’s passport and imposed a travel ban, instructing the Special Branch (SB) and Passport Directorate to enforce the restrictions.
Earlier, the Anti-Corruption Commission (ACC) launched an investigation into Shibli and eight associates on September 11, 2024. Preliminary findings suggest they amassed Tk 1,000 crore in real and immovable assets through corruption and abuse of power. The group is also accused of laundering money abroad, using their own names and those of family members, in violation of laws. Countries identified as destinations for laundered funds include the UAE, Canada, Singapore, the US, and the UK.
Shibli’s reappointment as BSEC Chairman for a second term faced widespread opposition but was allegedly pushed through at the behest of influential businessman Salman F. Rahman. In return, Salman reportedly benefited by Tk 6,600 crore from the stock market under Shibli’s influence.
Meanwhile, a court here on Wednesday sent to jail former chairman of the Bangladesh Securities and Exchange Commission (BSEC) Shibli Rubayat Ul Islam and contracting firm Max Group chairman Engineer Golam Mohammad Alamgir in separate graft cases.
Dhaka Metropolitan Sessions Judge Md Zakir Hossain Galib passed the orders as police produced the two accused before the court and pleaded to place them on a 10-day remand each in the respective cases.
The court sent the duo to jail and set today (Thursday) to hold hearing on the remand plea.
Earlier, the Anti-Corruption Commission (ACC) filed the two cases against them on Wednesday.
ACC Director General (prevention) Akhtar Hossain confirmed the matter on Wednesday.
Detective Branch (DB) of police arrested Shibli Rubayat Ul Islam from the city’s Dhanmondi area, while Engineer Golam Mohammad Alamgir was arrested from Shahjalal International Airport on February 4.