Crashed stock market. The share prices of various companies are decreasing every day. It reduces the valuation and market capitalization. Transactions are also decreasing. Dhaka Stock Exchange (DSE) also fell by 53 points on Monday. The market capitalization has decreased by 4 thousand crore rupees. Investor confidence is low. Those concerned say there is a lack of confidence in the stock market. Investors are apprehensive about the overall situation of the country due to the quota movement. As a result, it has an impact on the market. But at this time BSEC chairman Shibli Rubayat ul Islam is on a foreign trip.
Being in the good book of the government, Shibli Rubayat ul Islam was given the responsibility as BSEC chairman for the second term despite various inconsistencies and complaints. Besides being an educationist and teacher, he was included as a member of the National Education Sub-Committee. But when the country is in dire straits, Shibli Rubaiyat is wandering around in Canada.
When the country’s economy is in this fragile state, Shibli Rubayat ul Islam is said to be staying in Canada and enjoying the country’s natural beauty. Although this is not a new topic for him.
In the last 3 years he has traveled abroad about 36 times at government expense. However, keeping in view the current situation of the country, the country is now in turmoil due to the recent anti-discrimination student movement. In this opportunity, some opportunists have destroyed the valuable resources of the country in various ways and the economy of the country is facing extreme disaster. The stock market has fallen.
While the responsible people of various organizations are busy looking for a solution to this disaster, the BSEC chairman has no vision, no visible initiative in this regard. He is busy traveling abroad. Already, his decisions on the stock market have boomeranged repeatedly. In these activities, the interested parties have been the beneficiaries. The news of his misdeeds has been published in various media.
In this transitional stage of the country, where the students have come to the field, even as a member of the National Education Committee, he has left the country and shirked his responsibility. Former student of Dhaka University, teacher and currently BSEC chairman and member of National Education Sub-Committee, he shied away from his duties.
Staying outside the country.
At present, the future of lakhs of students has become uncertain due to the postponement of higher secondary examinations, all the educational institutions of the country have been closed and the education system has come to a standstill.
Not only here, Shibli Rubayat ul Islam accused Shibli while he was the dean of commerce faculty of Dhaka University and admitted 08 students to MBA course ignoring the rules and regulations of the university. During this time, he helped the former IGP of Police Benazir to obtain a doctorate degree in an unethical way in exchange of money.
Moreover, in 1991, his company Rain Garments Limited took a loan of Tk 75.74 crore from the Dilkusha branch of the National Bank and did not pay it. The bank was forced to file a case in 2005, which has not been settled even today. There are complaints against him from various big businessmen and institutions. Collecting 20-25 crores of taka in the name of various events.
Instead, he used his close-knit event management company called Spellbound Leo Burnett and split the bulk of the money between themselves. There are more such allegations of money laundering and fraud in the name of Shibli Rubaiyat ul Islam. But he is not named in the anti-corruption drive launched by the government. Why is this person’s two chairs empty in these two times despite being responsible for two important positions in the country. Where is Shibli Rubayat ul Islam now in this difficult time in the country and government is the question of everyone concerned.
Before this, the news came in the media that the dollar came through the fraud in the bank account of BSEC Chairman Shibli Rubaiyat million dollars from a bank account linked to the fraud, the Chairman of Bangladesh Securities and Exchange Commission (BSEC) Professor Shibli Rubaiyat-ul-Islam said that ‘Organized Crime and Corruption Reporting’ Project’ or in a report published in OCCRP.
A report by Zulkarnain Sayer Khan published in the ‘Organized Crime and Corruption Reporting Project’ or OCCRP emerged in 2023 that Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubaiyat-ul-Islam received money from a bank account linked to a million-dollar fraud.
According to a report by OCCRP, a global network of investigative journalists, the name of Shibli Rubaiyat-ul-Islam’s two-decade-old friend Javed Mateen, whom he first met during his time at Dhaka University, surfaced in connection with the transaction.
Javed Mateen, convicted of financial fraud in the United States, was involved in defrauding Hong Kong-based supply chain sourcing company Ming Global Limited of more than $13 million over a large period of 2020.
The report also revealed that the money was sent to two banks of a US-based company called Monarch Holdings Inc. under the guise of investment. From there, $8 lakh was sent to Shibli’s personal bank of Rubaiyat-ul-Islam and another part to the bank of a Bangladeshi company, which he is believed to be behind.
