BSEC ex-chairman Shibli Rubayat Ul Islam arrested

The Detective Branch (DB) of Dhaka Metropolitan Police (DMP) arrested former chairman of the Bangladesh Securities and Exchange Commission (BSEC), Shibli Rubayat Ul Islam, from Dhaka's Dhanmondi area on Tuesday night.

Rezaul Karim Mallick, Additional Commissioner of the DMP’s DB, confirmed the arrest to Jago News.

He said Shibli Rubayat had been shown as arrested in a case filed by the Anti-Corruption Commission and would be produced before the court on Wednesday.

Following the fall of the Awami League government, the Bangladesh Financial Intelligence Unit (BFIU) froze the bank accounts of former BSEC Chairman Shibli Rubayat, his son Juhayer Sarar Islam, and six others on August 24. Banks were directed to implement the freeze as part of an ongoing investigation into alleged financial misconduct.

Last month, the Ministry of Home Affairs canceled Shibli Rubayat’s passport and imposed a travel ban on him. The Special Branch (SB) of police and the Department of Immigration and Passports were instructed to enforce the restrictions.

The Anti-Corruption Commission (ACC) launched an investigation into allegations of fraud and deception against Shibli Rubayat and eight associates on September 11, 2024. Preliminary findings suggest they amassed vast wealth through corruption and abuse of power while holding government positions. Reports indicate that they illegally acquired assets worth Tk 1,000 crore, both movable and immovable, beyond their declared sources of income. Additionally, they allegedly laundered money abroad under their own names and those of their family members, violating financial regulations.

The illegally transferred funds were reportedly sent to the United Arab Emirates, Canada, Singapore, the United States, and the United Kingdom.

Shibli Rubayat’s reappointment as BSEC chairman for a second term faced strong opposition from financial analysts and stakeholders. However, he was reportedly reinstated due to lobbying by influential businessman Salman F Rahman, who allegedly benefited by Tk 6,600 crore from the stock market during his tenure. Shibli Rubayat also faced allegations of unlawful stock trading while heading the stock market regulatory body.

A professor in the Department of Banking and Insurance at Dhaka University, Shibli Rubayat was first appointed as BSEC chairman on May 17, 2020, and reappointed for a second term on May 16, 2023. Following the fall of the Awami League government due to a student-led uprising, he resigned from his position on August 10, 2024, and returned to his faculty role at Dhaka University.

However, sources from the university’s Department of Banking and Insurance revealed that instead of appearing in person, he sent a representative to submit his rejoining letter. He has yet to conduct any classes.