Bangladesh’s superstar cricketer and former national team captain Shakib Al Hasan has been fined Tk 5 million ($45,000) by the Bangladesh Securities and Exchange Commission for stock market manipulation.

On Tuesday, the BSEC announced fines for individuals involved in manipulating the share price of Paramount Insurance Company Limited.

In 2017, the BSEC appointed Shakib as a goodwill ambassador, anticipating that he would contribute to market development. However, in 2022, the BSEC accused him of market manipulation.

The regulator investigated the allegations by examining the BO accounts of companies in which Shakib had personal ownership or stakes.

BSEC demanded an explanation from Shakib regarding his alleged involvement in stock market manipulation.

BSEC spokesman Rezaul Karim emphasized that those involved in such activities would face consequences.

Shakib, a renowned cricketer, ventured into various businesses before establishing the brokerage house Monarch Holdings.

When questioned about Monarch, Shakib refrained from commenting on anything unrelated to sports.

 Several reports related to the incident and a show-cause notice directed at Shakib were made public by BSEC.

—