Cooperative firm vanishes with depositors' money

Officials of a cooperative firm in Dumki upazila under the district have disappeared after embezzling several crore taka from over a thousand people.

Around five years ago, the firm named Joint Savings and Credit Cooperative Society Ltd started its activities including daily, monthly, yearly savings and real estate schemes and also micro credit at a rented house in Dumki upazila town in Patuakhali district, subscribers said.

With its head office at Block A in Rupatali Housing in Barisal divisional city, the firm also spread its activities in different district and upazila towns including Barisal Sadar, Babuganj, Ujirpur, Bakherganj in Barisal district, Dumki, Baufal, Kalapara, Mirzaganj, Galachipa in Patuakhali and in Bhola district.

Sensing that some high officials of the company were misappropriating money, quite a few subscribers in Dumki upazila wanted to withdraw their deposit but the authority turned down the requests under the pretext of fund crisis.

"I deposited Tk 13 lakh in real estate scheme of the firm. Now I am trying to withdraw the money anyhow," said Md Azad of Pirtala Bazar in Dumki upazila town.

"I deposited Tk 79,000 in a three-year deposit scheme that has already matured. But the company officials fled without paying my money," said Afroza Begum of the same upazila.

Like them, around one thousand subscribers were cheated by the firm as officials including Md Sultan Ahmed, chairman of the firm's Dumki unit, went into hiding, said locals.

Now only a peon is found at the office.

Finding Enayet Hossen Howlader, a director of the firm at Pirtala Bazar on February 11 noon, a few subscribers blocked his way when he fled away, leaving his motorbike there.

"Nasir Uddin, a director of the firm, built a multi-storied building at Rajakhali beside Patuakhali-Baufal road with the money embezzled from the subscribers. Another director Basir Uddin Mridha also built a house on Janata College Road in Dumki town," said Ashraful Islam, a depositor.

This correspondent tried to communicate with Sultan Ahmed, chairman of the firm, but he cut phone connections several times after getting the caller's identity.

"Five cases were filed against the chairman and directors with different police stations in Patuakhali and the court issued warrant of arrest in two cases. We are trying our best to arrest the accused," said Azam Khan Faruqee, officer in charge of Dumki Police Station.