Dhaka, Feb. 5 -- The Anti-Corruption Commission, or ACC, has initiated a lawsuit against Shibli Rubaiyat Ul Islam, the former chairman of the Bangladesh Securities and Exchange Commission or BSEC, on charges of receiving over Tk 37.6 million in bribes.

Five other people have also been accused in the case filed on Wednesday, ACC Director General Md Akhtar Hossain said.

The other accused are Javeed A Matin, chairman of Monarch Holdings Inc; Ariful Islam, owner of Xin Bangla Fabrics; Israt Jahan, FAVP of Mutual Trust Bank; Mir Iqbal Hossain, vice president and branch operations manager of the same bank; and Syed Mahbub Morshed, SEVP of the Audit and Inspection Department and former branch manager of the bank.

Police arrested Shibli Rubaiy...