Bangladesh national cricket team’s ace all-rounder and former lawmaker (MP) Shakib Al Hasan has been fined Tk 50 lakh on charges of stock market manipulation.

The Securities and Exchange Commission imposed this penalty on Shakib Al Hasan, confirmed BSEC Director and spokesperson Farhana Faruqui in a press release on Tuesday (September 24).

It is reported that Shakib approved a brokerage house called Monarch Holdings in May 20200 using the identity of a goodwill ambassador of the Bangladesh Securities and Exchange Commission (BSEC). Shakib himself is the chairman of Monarch Holdings.

Kazi Sadia Hasan, the managing director (MD) of Monarch Holdings – is the wife of Abul Khair Hero, a share trader and an officer of the Department of Cooperatives. Abul Khair Hero is a very well-known face in stock market manipulation and has relatives in various positions in the organization.

Monarch Holdings withdrew Tk 46 crore 86 lakh, i.e., Tk 46.86 crores from the stock market by manipulating the shares of seven companies since 2021. The company was fined Tk 10 crore 89 lakh, i.e., Tk 10.89 crores in the last three months due to this complaint.

Dhaka Stock Exchange (DSE) investigation committee found Shakib Al Hasan’s name in the case of manipulation of shares of One Bank, Fortune Shoes, and NRBC Bank among seven institutions. They received the transaction amount of Tk 1.4 lakh share in only Shakib’s name.