Bangladesh cricket star Shakib Al Hasan has been fined Tk50 lakh by the Bangladesh Securities and Exchange Commission (BSEC) for his involvement in manipulating Paramount Insurance Company’s share prices.
In total, Tk1.63 crore in fines were imposed on seven individuals, including Shakib, according to a BSEC press release issued on Tuesday.
Other individuals and entities penalised include Abul Khaer alias Hiru, fined Tk25 lakh, Ishal Communication Limited, fined Tk75 lakh, Monarch Mart Limited, fined Tk1 lakh, Abul Kalam Matabbor, fined Tk10 lakh, Lava Electrode Industries, fined Tk1 lakh, and Zahed Kamal, fined Tk1 lakh.

 The fines follow a BSEC investigation into irregular share price movements of several companies, with findings pointing to market manipulation. Shakib, who has been involved in the stock market since 2017 when he was appointed a goodwill ambassador by BSEC, was accused of using his business ventures to engage in manipulative practices.
The investigation revealed that Shakib was linked to multiple brokerage accounts tied to companies he owned or had significant stakes in. Through these activities, he allegedly earned Tk104 crore by manipulating the share prices of six companies, including Fortune Shoes, Asia Insurance Limited, and NRB Commercial Bank.
The allegations against Shakib’s financial dealings have gained broader attention, with a recent application submitted to the Anti-Corruption Commission (ACC) by Supreme Court Lawyer Barrister Milhanur Rahman Naomi.

The application calls for an investigation into six accusations against Shakib, including stock market manipulation, illegal gambling, gold smuggling, embezzlement, and discrepancies in his election affidavit.
One of the key allegations is that Shakib earned Tk16.60 crore by manipulating Fortune Shoes’ share price, inflating it by 94.67% between 20 May and 17 June 2021. Similarly, he allegedly made Tk5.45 crore by increasing Asia Insurance Limited’s share price by 123.45% from 9 September to 22 October 2020, and Tk18.40 crore by inflating NRB Commercial Bank’s share price by 172.58% between 5 May and 24 May 2021.
Shakib is also accused of earning Tk12.02 crore through manipulation of IPDC Finance’s share price and Tk46.32 crore from One Bank’s share price inflation. Additionally, he reportedly gained Tk3.33 crore through Monarch Holdings Limited by manipulating BDCOM Online’s share prices.
These allegations claim that Shakib embezzled approximately Tk104 crore from the stock market by exploiting sensitive information and engaging in serial trading.