Mastermind behind Tk 600cr embezzlement scheme detained

The Criminal Investigation Department (CID) has arrested a man identified as Md Nazim Uddin Tanu, 37, alleged to be the mastermind behind an NGO-based scam that embezzled nearly Tk 600 crore from clients by promising unusually high profits.

CID's Special Superintendent of Police (Media) Jasim Uddin Khan said Tanu was arrested on Wednesday from Dhaka's Dakshinkhan area.

In a press release, the CID official stated that more than 800 victims have so far reported being defrauded of over Tk 600 crore, according to preliminary findings. He added that the collected information is now being verified.

According to CID, many people in Noagaon Sadar's Officepara area had deposited money with an NGO named "Bondhu Mitali Foundation." Clients invested in monthly DPS schemes, savings deposits and one-time loans. Some customers also deposited lump-sum amounts separately. For every Tk 100,000 invested, clients received Tk 2,000 per month as profit.

The lucrative profit scheme attracted a large number of investors, most of whom were from low-income backgrounds, CID said. However, after August 2024, irregularities began surfacing in the organisation's financial transactions.

Victims reported they were unable to withdraw their savings or loan funds. When they complained, director Nazim Uddin Tanu sought additional time, but later failed to return the money.