Photo : Messenger
In a relentless pursuit of justice, Rapid Action Battalion (RAB) has apprehended six individuals linked to a major financial fraud case, including the director of Dolphin Savings and Credit Cooperative Society Limited, a notable non-governmental organization (NGO). The director in question, Abdur Razzak, had managed to evade authorities after orchestrating the siphoning off of Tk 20 crore from unsuspecting customers in Naogaon.
However the breakthrough came when Abdur Razzak was captured at the Tarabo bus stand in Rupganj police station, Narayanganj district, where RAB operatives swiftly moved in on a Sunday morning. Subsequently, five additional accomplices were apprehended from various locations within Sadar Upazila.
Unveiling the intricate layers of the fraudulent scheme, RAB-5 Captain, Lt. Col. Munim Ferdous, disclosed that Abdur Razzak had established Dolphin Savings and Credit Cooperative Society Limited back in 2013. The organization, registered under a cooperative in Fatepur Bazaar of Naogaon Sadar Upazila, capitalized on the trust of rural communities, enticing investments from ordinary citizens with promises of secure fixed deposits and small savings initiatives, with returns ranging from two to two and a half thousand taka per lakh.
However, the veneer of trust began to crumble when Abdur Razzak abruptly halted interest payments to investors in recent months, sparking suspicion among his clientele. Matters escalated dramatically on January 20th when Abdur Razzak and his cohorts fled with a staggering Tk 20 crore, plunging depositors into a state of shock and financial turmoil. The news rippled across various media platforms, prompting law enforcement agencies to launch a comprehensive investigation, complete with covert surveillance to monitor the movements of the perpetrators.
RAB official disclosed that Abdur Razzak had been scheduled to flee to Dubai on February 24. However, acting swiftly on a tip-off, RAB 11 collaborated to apprehend him from the Tarabo bus stand in Rupganj police station, Narayanganj district, on Sunday morning. Subsequently, the remaining five accomplices were also nabbed from various locations within Sadar Upazila.
Simultaneously, on the same fateful day, another fraudulent scheme unfolded as a sham NGO named South Pacific Business Development vanished with the funds of unsuspecting customers in Lakshmipur. Complaints emerged from aggrieved customers, alleging that the NGO had embezzled approximately half a million taka from over 300 individuals in Sadar Upazila.
According to the aggrieved customers, Abdul Asad Russell and a few others had established an NGO office in the Lamchari area of the municipality merely a month prior. Under the guise of a multi-purpose NGO, South Pacific Business Development, they enticed ordinary citizens with promises of lucrative returns on their deposits. Many have fallen victim to their deceit, entrusting significant sums of money to the organization. Shockingly, within just one month, the NGO absconded with millions of taka, leaving behind a trail of devastation.
The emergence of Dolphin Savings and Credit Cooperative Society Limited and South Pacific Business Development as fraudulent entities underscores a larger issue plaguing the financial landscape. Over the past decade, a plethora of both registered and unregistered multi-purpose cooperative societies have preyed on unsuspecting customers, defrauding them of billions of taka. These institutions, exploiting the trust and financial vulnerability of individuals, have amassed considerable sums under false pretenses, only to disappear without a trace.
Shariful Islam, Director General of the Directorate of Cooperatives, underscored the gravity of the situation, acknowledging the surge in complaints regarding the withdrawal and disappearance of savings among cooperatives registered with the Directorate. Expressing vigilance in response to these alarming reports, Shariful emphasized the importance of immediate reporting to law enforcement agencies should any signs or suspicions of malpractice arise.
"We are very cautious now," Shariful affirmed, highlighting the stringent directives issued to officers within the Directorate. These measures are aimed at bolstering oversight and accountability within the cooperative sector, mitigating the risks posed by fraudulent schemes.
Investigations have revealed concerning practices within entities like Shah Sultan Multipurpose Cooperative Society, which purportedly amassed Tk 200 crore in deposits from thousands of customers. Under the guise of showcasing various business projects and enticing profits aligned with Islamic Shariah principles, the cooperative lured unsuspecting individuals into entrusting their savings.
The company cheated approximately from at least 6 thousand customers with its deceitful practices. It was known that the company provided profits to investors, thereby attracting more individuals to entrust their work. Operating under various business fronts, including Shah Sultan Textile Mill and Shah
Sultan Properties and Market, the organisation expanded its customer base, masking its true intentions.
Similarly, in Ashulia, Savar, the Chetna Multipurpose Cooperative Society perpetrated fraud, siphoning off crores of taka from customers before disappearing altogether. The subsequent arrest of 10 individuals, including high-ranking officials, by RAB-4 shed light on the extent of the scheme.
Further investigations revealed similar instances of malfeasance across different regions. In Mirpur, Dhaka, Karnaphuli Multipurpose Cooperative attempted to abscond with around 500 crore taka, prompting customers to surround the office. RAB intervened, apprehending the institution's officials before they could flee.
Additionally, Dinbadal Shyya, a multi-purpose cooperative in Kashimpur, Gazipur, vanished with substantial sums of money, leaving customers in dire straits. Efforts to recover the lost funds by law enforcers.
In response to these alarming developments, RAB spokesperson Commander Khandaker Al Moin affirmed the agency's ongoing intelligence operations targeting fraudulent organizations. Assuring swift action upon receiving complaints, he reiterated RAB's commitment to bringing perpetrators to justice and upholding the rule of law.
Messenger/Disha
