Criminal Investigation Department (CID) has filed a case against the chairman of Aziz Co-operative Commerce and Finance Credit Society Limited, M Tajul Islam, for allegedly embezzling Tk 300 crore of customers and on charge of money laundering.
A team of CID led by Md Kamruzzaman, special superintendant (Dhaka south CID), arrested Tajul Islam, 69, in Motijheel on Wednesday.
The arrestee amassed Tk 300 crore of 11,425 customers, which was collected from 80 branches of his organisation, CID's special superintendent Molla Nazrul Islam said while briefing the journalist at a press conference at its headquarters in Malibagh of Dhaka this morning.
Aziz Co-operative Commerce and Finance Credit Society Limited had approval from the Department of Cooperatives for only 26 branches, the CID official said.
In a primary investigation, law enforcers also found evidence that Tajul Islam siphoned off the customers' money, around a hundred crore, to Canada, Molla Nazrul said.
On July 11, a Dhaka court put Tajul Islam on two days’ remand in a case filed in connection with embezzling Tk 16 lakh.