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The Bangladesh bank has frozen the bank accounts of Bangladesh Securities and Exchange Commission's former chairman Professor Shibli Rubayat Ul Islam, his son Juhair Sharar Islam, stock market investor Abul Khair Hiru, along with five others bank account freeze BFIU.
The freeze will stay for 30 days in accordance with the Money Laundering Prevention Act, confirmed a high official of the BFIU.
The others are Sayadur Rahman, Monija Chowdhury, Mohammad Delowar Hossain and Javed A Matin.
Banks have been asked to provide account details of all transactions of the accounts belonging to the eight within five days.
Since Shibli Rubayat-Ul Islam, took charge in May 2020, the stock exchange's capabilities have deteriorated significantly.
Until his departure on 10 August, the DSE had virtually no power beyond imposing a meagre fine of Tk5,000 for non-compliance by listed firms.
Shibli faces a slew of allegations, including resorting to autocratic practices, facilitating market manipulators, and approving companies with poor fundamentals to raise funds from general investors.
The banking and insurance professor, who was reappointed on 28 April this year for a second four-year term, resigned on Saturday night citing personal reasons, just four months after his reappointment.
Earlier, Md Ziaul Haque Khandker was forced to step down without completing his tenure as BSEC chairman following the stock market crash in 2010.
Speaking to The Business Standard earlier, "I have resigned from the post of chairman of the BSEC for personal reasons. In this regard, I sent an email to the Financial Institutions Division."
Before joining the BSEC, Shibli Rubayat served as chairman of the Sadharan Bima Corporation, a state-owned general insurer. He also previously held the position of treasurer of the Dhaka University Central Students' Union (DUCSU).
Messenger/Anjan
