Photo : Messenger
The incidence of financial fraud is escalating daily within the country, with common people bearing the brunt of organisational or individual malpractices. This pressing issue has prompted law enforcement agencies to reconsider their strategies. Consequently, the government is adopting a stringent stance against individuals or organisations implicated in financial fraud. A decision is imminent to seize the assets of those who have obtained cars through fraudulent means. Additionally, discussions are underway to initiate amendments to existing laws if deemed necessary. The funds acquired from the confiscation of these assets will be allocated to the victims, thereby providing them with restitution.
CID chief Mohammad Ali addressed reporters, outlining a significant shift in the government's approach towards combating financial fraud. He emphasised that henceforth, the assets of individuals or institutions involved in defrauding activities will be subject to confiscation. Furthermore, he assured that the forfeited funds would be utilised to reimburse the victims.
Ali highlighted the rampant occurrence of various forms of financial fraud across the country, resulting in significant suffering for ordinary citizens, both on individual and institutional levels.
Despite victims seeking recourse through legal channels and perpetrators being apprehended, the syndicate often repeats with fraudsters securing release on bail after a period of incarceration. However, those who are financially disadvantaged continue to bear the brunt of their losses, with any potential restitution coming after prolonged legal proceedings.
He continued, stating that they are actively considering solutions to expedite compensation for victims by swiftly confiscating assets following prosecution and arrest. Efforts are being made to streamline this process to ensure its permanence in the future.
Additionally, various sources within law enforcement agencies have indicated that the era of deceiving individuals and possessing car, apartment is coming to a close. Swift action will be taken against those who cause financial harm, should they fall within the purview of the law. Assets belonging to fraudsters will be seized, and the recovered funds will be returned to the victims. Simultaneously, legal proceedings against the defrauding individuals or institutions will continue unabated.
According to sources, victims across the country have incurred losses amounting to thousands of crores of taka due to fraudulent activities perpetrated by individuals or institutions.
Particularly alarming is the revelation that hundreds of crores of taka have been siphoned off or extorted through the establishment of fake institutions, ensnaring unsuspecting individuals for financial gain.
Further investigation has uncovered that millions of depositors nationwide have fallen victim to fraudulent practices orchestrated by multilevel marketing (MLM) companies operating within the country. These companies often lure individuals with promises of substantial profits, only to abscond with the funds or face arrest by law enforcement agencies, leaving investors in dire straits. Some perpetrators have even managed to smuggle ill-gotten gains abroad. Despite the fallout from the 2012 Destiny scandal, this illicit business continues to thrive, with common people frequently falling prey to fraudulent schemes under the guise of new e-commerce ventures associated with MLM.
Various MLM, online, and e-commerce companies have collectively defrauded common people of at least 40 thousand crore taka through a myriad of enticing schemes and deceptive practices.
Destiny and Jubok stand as stark examples of how customers were swindled under the guise of lucrative profits. These two companies collectively defrauded common customers, amassing an estimated 7 thousand 100 crore taka. Currently, the Chairman, Managing Director, Director, and 22 others associated with Destiny Group are undergoing trial for embezzlement and trafficking, accused of misappropriating Tk 4 thousand 119 crore 24 lakhs.
Chairman Shahiduzzaman and Managing Director Muntasir Hossain purportedly absconded with Tk 6000 crore, invested by 6 lakh investors in the Multilevel Marketing Company (MLM) Unipay2U, promising doubled profits within 10 months. The Anti-Corruption Commission (ACC) initiated legal action in 2011 against Unipay2U officials for embezzlement and money laundering. Bangladesh Bank's investigation further corroborated these findings.
In 2013, the ICL Group duped approximately five lakh customers, enticing them with the promise of extraordinary profits, resulting in a total haul of Tk 3000 crore. However, following this deception, the group's managing director and principal entrepreneur, Shafiqur Rahman, absconded, abandoning the operation along with 13 associated companies.
Subsequently, Shafiqur Rahman, along with his wife and ICL group director, Kazi Samsun Nahar Mina, were apprehended by the Rapid Action Battalion (RAB). Despite the arrests, the customers who fell victim to the scam have yet to receive restitution for their losses.
RAB recently apprehended Ragib Ahsan, the chairman of 'Ehsan Group Pirojpur-Bangladesh', along with one of his associates, on allegations of embezzling Tk 17 thousand crores. The modus operandi involved the establishment of entities such as Ehsan Multipurpose Co-operative Society Limited, Ehsan Real Estate and Builders Limited, and various Madrasas, through which the illicit activities were conducted.
Following the misappropriation of customers' funds, some of the establishment's proprietors have begun fleeing the country, smuggling substantial amounts of money abroad. The Criminal Investigation Department (CID) has initiated investigations into complaints against 14 e-commerce companies, including eEvaly and eorange. Among the other companies under scrutiny are Sirajganj Shop, Dhamaka Shopping.com, Safer.com, Aladdin's Lamp, Alesha Mart, Q-.com, Boomboom, Adian Mart, Needs, Dalal, SK Traders, and Motors.
CID DIG Sheikh Nazmul Alam has confirmed that the crackdown on individuals involved in embezzling depositors' money is currently underway. Legal proceedings are being initiated against those against whom complaints have been lodged.
Furthermore, he stated that moving forward, the assets of individuals accused of fraud will be seized, and the funds will be used to reimburse the victims.
Messenger/Disha
