The Anti-Corruption Commission (ACC) last week began a formal inquiry into the alleged corruption of former chief of the Bangladesh Securities and Exchange Commission (BSEC) Professor Shibli Rubayat-Ul Islam and eight of its other officials.

They allegedly accumulated wealth of around Tk 1,000 crore by abusing their power.

The eight officials are former BSEC commissioner Shaikh Shamsuddin Ahmed, current executive directors Md Mahbubul Alam, Md Saifur Rahman and Mohammad Rezaul Karim, directors Sheikh Mahbub Ur Rahman and Mohammad Mahmoodul Hoque, Additional Director SK Md Lutful Kabir and Joint Director Md Rashidul Alam.

By forgery and cheating, Shibli Rubayat-Ul Islam and the officials allegedly accumulated Tk 1,000 crore in assets at home and abroad, including the United Arab Emirates, Singapore, the United Kingdom, the United States and Canada.

The assets were registered in their names and the names of others, according to ACC sources.

The anti-graft watchdog has tasked its anti-money laundering wing to carry out the investigation, according to the investigation order.

The Daily Star attempted to contact Shibli for comment, but his phone was switched off. Besides, former BSEC commissioner Shaikh Shamsuddin Ahmed did not receive phone calls for a comment.

According to a report by global investigative reporting platform Organized Crime and Corruption Reporting Project, Shibli allegedly received payments from a bank account linked to a multi-million-dollar fraud.

At the heart of the accusations was a convicted scammer, Javeed Matin, whom Islam had met at university and had been friends with for two decades, the report said.

It added that throughout much of 2020, Matin helped launder the proceeds of a scheme that defrauded a Hong Kong-based supply chain and sourcing company, Ming Global Limited, out of more than $13 million.

Under the pretence of an investment, these funds were sent to two accounts held by a US company, Monarch Holdings Inc, which then wired over $800,000 to Shibli's personal account and to the accounts of a Bangladeshi company he appeared to be behind.