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Fareast Islami co-op society chairman held for embezzling Tk300cr

  • Published at 07:43 pm July 16th, 2019
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Representational photo

The accused Shamim Kabir, 45, was arrested from Jaintapur upazila of Sylhet on July 9

Fareast Islami Multi Cooperative Society Limited Chairman and owner, Shamim Kabir, has been arrested by the Criminal Investigation Department (CID) for his alleged involvement in embezzling Tk300 crore.   

The accused Shamim Kabir, 45, was arrested from Jaintapur upazila of Sylhet on July 9.

He has been absconding for four years in 28 cases, including cases that fall under the Prevention of Money Laundering Act.

Molla Nazrul Islam, special superintendent of CID, confirmed the matter at a press briefing at CID headquarters in Dhaka on Tuesday. 

He said: "Shamim embezzled money and cheated people promising to give interest and profit against their deposits.

He said he would give around Tk 2000-2500 as interest per month, against a Tk100, 000 deposit."

Shamim started giving interest under his Fareast Islami Multi Cooperative Society Limited, but closed the organization and fled in 2013, added Nazrul.

"We are assuming that Shamim has swindled Tk300 crore from 20, 000 investors and clients," Nazrul continued. 

Police recovered a Noah microbus, two mobile phones, passports, and 29 land documents and checkbooks from Shamim's possession.

Investigation is still underway against Shamim, concluded Nazrul.

Earlier, CID also arrested Tajul Islam, chairman of Aziz Co-operative Commerce and Finances Credit Society, on charges of misappropriating Tk300 crore in the name of co-operative banking on July 10.