Ehsan Group chairman arrested for fraudulence

The Rapid Action Battalion has arrested Ragib Ahsan, chairman of Ehsan Group, and his associate Abul Bashar Khan, for misappropriating several hundred crores of client’s money.

According to RAB, the duo was involved in misappropriating large sums of money, reportedly around Tk 17,000 crore, from thousands of his clients through a multi-level marketing (MLM) scheme.

Ragib, 41, and Bashar, 37, were apprehended from Topkhana Road area in Dhaka at 9:00pm on Thursday, RAB Director (Legal and Media Wing) Commander Khandaker Al Moin told The Business Post.

During a press briefing on Friday, the RAB official said there were 15 cases against Ragib and hundreds of his victims had lodged complaints with law enforcement agencies against him.

“Ragib served as Imam at a mosque after completing his madrasa education. Later in 2006, he took a job in an MLM company in Pirojpur with a salary of Tk 900 per month,” the RAB official said.

Later in 2008, Ragib established a MLM company “Ehsan Real Estate” himself and placed his three brothers, sister, his father-in-law, sister-in-law and other close relatives in various important positions in the organization, the official added.

Ragib used religious sentiments, such as organising Waaz Mehfils (religious congregations), to lure victims and promised them huge profits from Shariah-based interest-free investment.

“From different sources, we got to know that Ragib had allegedly embezzled Tk 17,000 crore through his businesses, which had around one lakh members,” Moin said.

However, during primary interrogation, Ragib admitted that he had 10,000 members in his company and collected Tk 110 crore from them through 17 organisations under his group,” he added.

“Although, he has around three hundred employees, they do not have fixed salaries. Instead, Ragib promised them 20 per cent of the investment made by victims they were able to bring into the scheme,” he added.

After being cheated, the victims staged human chain, press conferences and demonstrations in several districts, including Dhaka, Narayanganj, Sylhet and Pirojpur, against the former Imam.

Later, RAB launched a shadow investigation into the complaints and increased intelligence surveillance on Ragib.

During thearrest, RAB also recovered voucher books and mobile phones from his possession.

Besides, Ragib also deceived his victims through cheque fraud.

“His victims complained that many were intimidated, humiliated and tortured when they demanded their dues,” added Moin.

Ehsan Group and its 17 organizations

Ragib Ahsan set up 17 institutions through deception.

The organization are -- Ehsan Group Bangladesh, Ehsan Pirojpur Bangladesh (Public) Limited, Ehsan Real Estate and Builders Limited, Nur-e Medina International Cadet Academy, Jamia Arabia Nurjahan Mahila Madrasa, Hotel Medina International (Residential), Allah’r Dan Bostraloy, Pirojpur Bostraloy -1 and 2, Ehsan Multipurpose Co-operative Society Limited, Messrs Bismillah Trading and Co, Messrs Makka Enterprise, Ehsan Mike & Sound System, Ehsan Tour & Travels, Islam Nibas Project, Ehsan Pirojpur Hospital, Ehsan Pirojpur Laboratory, Ehsan Pirojpur Old Age Home.