Rapid Action Battalion (RAB) on Saturday night arrested five members of a fraudster gang in Narsingdi’s Bhelanagar area allegedly for swindling Tk 200 crore from investors.
The arrested are — Md Shah Alam, chairman of Shah Sultan Multipurpose Financial Institute, and his associates Md Delwar Hossain Sikder, Kazi Mane Ullah, Md Sumon Mollah, and A Hannan Mollah.
RAB apprehend them while they were holding a secret meeting, according to the media release of the battalion.
In 2010, Shah Alam formed a Shariah-based financial organisation called Shah Sultan Multipurpose Financial Institute in the Ghoradia area of Narsingdi Sadar upazila.
During RAB interrogation, Alam said that his company had over 300 employees who were hardly paid. Besides, he formed an executive body of 24 members and 20 directors who ran four companies under the organisation.
They used to collect money from customers through DPS on a monthly basis promising high profit. So far, they have collected around Tk 200 crore.
When the depositors, hard-hit by Covid-19, started asking for their money back, the organisation closed the office and the staff went underground, the media release said.
Omar Farooq, managing director, and Masood Rana, deputy managing director of the company, bought 5-6 acres of land in different places of Narsingdi with the investors’ money. Besides, they bought 7-8 acres of land for the company, they said during the interrogation.
