Officials of the Investment Corporation of Bangladesh (ICB) have been implicated in a share manipulation scheme involving listed company Fortune Shoes Limited, causing a financial loss of approximately Tk 44 crore, according to sources at the Bangladesh Securities and Exchange Commission (BSEC).

The BSEC investigation revealed that a group of ICB officials conducted planned and unlawful share transactions, allegedly to benefit personally from the manipulated trades. The matter is now being escalated to the Anti-Corruption Commission (ACC) and the Financial Institutions Division (FID) under the Ministry of Finance, with a formal request for strict legal action.

The investigation also identified the involvement of Abul Khair Hiru, Deputy Registrar of the Department of Cooperatives, who is said to have played a central role in facilitating the suspicious trades. His coordination with the ICB officials raises serious questions about regulatory misconduct and misuse of government authority.

As a result of the manipulation, Fortune Shoes Limited suffered a significant loss of investor capital and market value. The irregular trading patterns disrupted normal stock activity and triggered concerns among market participants regarding market integrity and insider influence.

The BSEC is preparing to submit formal findings to the ACC and FID, requesting thorough investigation and disciplinary action. This move is part of broader efforts to crack down on market malpractice and reinforce public trust in the financial system.

This incident adds to growing concerns about governance and compliance within ICB, a key institution in Bangladesh’s capital markets. Calls for internal reforms and stronger oversight mechanisms are likely to intensify following the release of the BSEC’s findings.

The exposure of this manipulation scheme has once again highlighted the need for greater transparency, ethical conduct, and accountability within state-owned financial institutions. Stakeholders are now closely watching how regulatory and anti-corruption agencies respond to ensure justice and prevent similar incidents in the future.