The Anti-Corruption Commission (ACC) has opened an investigation against Bangladesh Securities and Exchange Commission (BSEC) Chairman M Khairul Hossain for amassing huge wealth by approving the Initial Public Offerings (IPO) of weak companies.

The ACC was also investigating money laundering charges brought against him.

ACC Assistant Director Mamunur Rashid Chowdhury opened the inquiry on Wednesday (Aug 21).

The ACC has received allegations that M Khairul Hossain had given approvals to 88 IPOs over the course of eight years, most of which had been of poor grade.

Most of these companies had received their IPO approvals by submitting forged income statements and annual financial statements to the BSEC that showed inflated profit figures.