‘Shibli funnelled Tk 3 lakh crore to Hasina-Rehana from stock market’
Former Bangladesh Securities and Exchange Commission (BSEC) Chairman Shibli Rubayat Ul Islam is accused of orchestrating one of the largest financial scandals in the country’s history, allegedly siphoning off Tk 3 lakh crore to former Prime Minister Sheikh Hasina and her sister Sheikh Rehana through illegal stock market activities.
The shocking 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 lakh 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 24, 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.
The Anti-Corruption Commission (ACC) launched an investigation into Shibli and eight associates on September 11 last year. 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.
Despite his role as BSEC Chairman, Shibli allegedly engaged in illicit share trading while overseeing the regulatory body. He first assumed the position on May 17, 2020, and was reappointed on May 16 last year. However, he resigned on August 10 following the collapse of the Awami League government amid the student-public uprising and returned to his post as a professor in the Banking and Insurance Department at Dhaka University.
Upon returning to Dhaka University, Shibli sent a proxy to submit his joining form but reportedly failed to attend classes or fulfil academic responsibilities.
Shibli’s tenure at BSEC is marred by numerous allegations of irregularities and corruption. He is accused of aiding manipulators in artificially inflating share prices, forming a syndicate to exploit the stock market, and providing undue advantages to specific individuals. These actions allegedly enabled a select group to embezzle vast sums of money, further destabilising the nation’s financial system.
