Rab arrests man for embezzling Tk 11cr from business partners, banks

Forty-one-year-old Md Hasan Salam embezzled over Tk 11 crore from different financial institutions and individuals in the last 14 years, all the while avoiding the eye of law enforcers.

Salam had multiple cases filed against him for loan fraud, cheque forgery, and violence against women and children.

Salam was caught last night by a team of Rapid Action Battalion from Motijheel.

Lt Col Arif Mohiuddin Ahmed, commander of Rab-3, confirmed the news of his arrest.

A Dhaka court in 2022 sentenced Salam to life imprisonment in a case filed in 2018 under the Special Powers Act for embezzling Tk 50 lakh from one Gias Uddin.

Salam started investing in multiple businesses simultaneously on joint ownership basis hoping to make as much profit in a short time.

His businesses include James Super Shop, James and Jewelers, Motijheel Ma Telecom, Uzir Ali Travel and Diamond Gallery Limited in Cumilla, Jamil Construction and Engineering in Gulistan, Asian Sky Shop in Malibagh, James Group in Baridhara and James Real Estate Limited, said the Rab official while addressing a briefing at their Karwan Bazar media center today.

Salam embezzled crores from his business partners, relatives, and acquaintances by promising to pay them monthly dividends at high rates, the Rab official said.

Salam paid dividends to the lenders for some time but eventually stopped. "When the lender pressured him for money, Salam would give them cheques but they were dishonored by banks," Lt Col Arif Mohiuddin Ahmed added.

In this manner, he managed to embezzle around Tk 5-6 crore. Salam would also threaten lenders if anyone pressured him for money, said the Rab official.

Other than this, Salam took a loan of over Tk 5 crore from nine banks of the country, the Rab official added.

Questioned about associates or any bank officials' involvement in the embezzlement, Lt Col Arif said they were interrogating Salam regarding this and would conduct an operation whenever any concrete evidence is found against anyone else involved in the racket.

With the embezzled money, Salam bought land in Dhaka's Gulshan, and Cumilla and Mymensingh districts, the Rab official said.