RAB nabs one for embezzling Tk70cr cooperatives money

The Rapid Action Battalion (RAB) has arrested a person for allegedly embezzling Tk 50-70 crore from more than 7000 members of a cooperative society – Janata Sanchoy O Rindan Somobay Samiti Ltd.

Around 60 cases have been filed against the accused, identified as Khandaker Abul Kalam Azad, 53, and 36 arrest warrants have been issued against him in those cases. 

He was arrested from Dhaka’s Kalyanpur area on Tuesday, said RAB’s Legal and Media Wing Director Commander Khandaker Al Moin in a press briefing on Wednesday.

He said Azad has bought land and flats in different places in his name and anonymously with the money deposited by the customers of a cooperative society — Janata Sanchoy O Rindan Somobay Samiti Ltd.

Moin alleged that Azad founded the Janata Multipurpose Cooperative Society at Daulatpur in Kushtia in 2003. Later, in 2005, Janata Multipurpose expanded its business by renting a house at Old Post Office Junction in Meherpur town.

In 2013, Azad established Janata Sanchoy O Rindan Somobay Samiti Ltd, another cooperative society, and set up its branches in different south-western districts including Kushtia, Khulna, Magura, Jhenaidah, Pabna, Sirajganj and Rajshahi, the RAB official added.

The cooperative society had around 800 workers, who were not paid any salary, to collect customers and money at the field level. The employees were paid 18%-20% annual commission on total profit, he further said. 

“In 2017, the number of customers rose to 7,000-8,000 and each customer deposited different amounts of money ranging from Tk 10,000 to Tk 13,00,000. The customers altogether deposited around Tk 50-70 crore to the cooperative society,” Moin said, adding that in the same year, he wrapped up the business and fled to Dhaka with the deposited money.