Karnaphuli Multi-Purpose owner swindled over Tk 100 crore: Rab
Jashim Uddin was once a representative of an insurance company.
In 2003, he established the Karnaphuli Multi-Purpose Co-operative Society and started collecting money from customers as DPS and FDR, like banks, promising to return high interest.
Over the years, he collected over Tk 100 crore and went into hiding, after customers started demanding to have their money returned recently.
Mozammel Haque, commanding officer of Rab-4, said this after arresting 10 staffers of the MLM company during a raid at its office in Mirpur yesterday.
Karnaphuli Multi-Purpose has about 25,000-30,000 customers and the amount of their investment is over Tk 100 crore, he told reporters at a press conference at Rab media centre.
Jashim used to transfer those to his personal bank accounts, soon after depositing the customers' money at company's bank accounts.
He bought flats, plots and houses with the money, the Rab CO said.
Mozammel said they carried out the raid yesterday and arrested 10 staffers after several customers complained to Rab.
The arrestees are: Shakil Ahmed, managing director of the company; Chan Mia; Ak Azad; Md Rezaul; Tajul Islam; Shahabuddin Khan; Abdus Sattar; Masum Billa; Titu Mia; and Atikur Rahman.
The Rab official said low-income individuals including day labourers, garment factory workers, rickshaw pullers, and vegetable vendors are mostly the victims.
Jashim placed his family members including father-in-law Motaleb Sarker, wife Lucky Akter, and sister-in-law Shahela Nazneen in the top position of the company.
Rab is trying to arrest Jashim.
Apart from Karnaphuli Multi-Purpose Co-operative Society, Jashim used to say he established at least seven other institutions.
Those are: Modern Diagnostic Centre, Jashim International Overseas Ltd, Jashim Tours & Travels, Jashim Welfare Foundation, Karnaphuli Real Estate Ltd, Jasim Students Consultancy Firm and Jashim Knit Composite Ltd.
Rab officials said these are name-only institutions.
Whenever customers wanted their money back, the staffer of the company used to give cheques, which bounced in most cases.
They used to threaten, and sometimes physically assault customers when the latter went to their office for their money.