Fareast Islami co-op chairman arrested

Criminal Investigation Department (CID) has arrested chairman and owner of Fareast Islami Multi Cooperative Society Limited, Shamim Kabir, on charge of embezzling Tk 300 crore.

A CID team arrested him at Jaintapur upazila in Sylhet on July 9, said Molla Nazrul Islam, special superintendent of CID, at a press briefing at his office in the capital yesterday.

During remand, Kabir revealed that he established the company in Chauddagram of Cumilla and later expanded it to neighbouring districts, Nazrul said.

He persuaded people through religious sermons and promised to give them 20-25 percent profit for each Tk 1 lakh deposit. He collected Tk 300 crore from some 20,000 people, the CID official added.

In 2013-2014, Kabir closed the company and went into hiding, he added.

CID’s investigation found that he owns 40 acres of land and several flats and plots, the special superintendent of CID said.

There are 28 cases filed against Kabir; 13 of those are being investigated by CID.