Former chairman of the Bangladesh Securities and Exchange Commission (BSEC) Shibli Rubayat-Ul Islam was arrested in Dhaka on Tuesday night.

A team of the Detective Branch of police apprehended the BSEC chairman from his Dhanmondi residence around 9pm, confirmed Dhaka Metropolitan Police Additional Commissioner (DB) Rezaul Karim Mallik.

There are allegations of embezzling crores of taka against Shibli with the connivance of deposed prime minister Sheikh Hasina and her adviser Salman F Rahman, the police official said.

Shibli Rubayat-Ul Islam, a Dhaka University teacher, was appointed as the BSEC chairman in 2020 for the next four years. In May 2024, he was reappointed for another term.

He stepped down from the post on 10 August last year following the fall of the Hasina government in the face of a mass uprising.