The case was filed by the International Finance Investment and Commerce (IFIC) Bank, alleging that Shakib's company issued two cheques to repay part of a loan amounting to approximately 41.4 million Bangladeshi Taka. Both cheques were dishonored due to insufficient funds. Despite prior summons, Shakib failed to appear in court, prompting Additional Chief Metropolitan Magistrate Ziadur Rahman to issue the arrest warrant.
Shakib, currently residing abroad, has not returned to Bangladesh since the political upheaval in August 2024, which led to the ousting of former Prime Minister Sheikh Hasina. His association with the Awami League and his silence during the civil unrest have drawn public criticism. Additionally, Shakib faces a murder investigation related to a police crackdown during the uprising, though no charges have been filed.
In September 2024, the Bangladesh Securities and Exchange Commission fined Shakib 5 million Taka for stock manipulation. His cricketing career has also been affected; he was omitted from Bangladesh's squad for the upcoming Champions Trophy in Pakistan and Dubai, with Najmul Hossain Shanto named as captain.