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Depositors demand refund from Naogaon cooperative

Published : Wednesday, 22 July, 2026 at 3:30 PM

Observer correspondent

Depositors of a cooperative society in Patnitala upazila formed a human chain on Wednesday, demanding the return of their savings and accusing its management of misappropriating several crore taka.

The demonstration was held at Notunhat intersection in Nazipur municipality, where men and women carrying banners and placards called for the immediate return of their deposits and intervention by the authorities.

Speakers alleged that Swapna Bhumi Khudra Byaboshayi Samobay Samity Ltd collected several crore taka from local residents after it was established in 2020 by promising attractive returns. They claimed that depositors have been unable to recover either their principal or the promised profits despite repeated requests.

Abu Bakkar Siddique, one of the complainants, said he had deposited Tk 1.6 million with the cooperative, while many others had also invested several lakh taka each.

The protesters also alleged that participants in the demonstration had received threats before the programme and demanded legal action against those responsible.

Responding to the allegations, the cooperative's General Secretary, Appel Mahmud, said the organisation had faced financial difficulties following political changes in the country, affecting its ability to repay depositors on time.

"We have asked customers to remain patient and are trying to repay everyone in phases. Many depositors have already received their profits," he said.

Officer-in-Charge of Patnitala Police Station Niamul Haque said police had received a written complaint and would take legal action after an investigation.

KKH/ SKS

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Editor : Iqbal Sobhan Chowdhury

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