Cooperative chairman flees with Tk 3 crore in deposits

A cooperative society chairman in Gazipur’s Kapasia has allegedly gone into hiding with nearly Tk 3 crore deposited by around 1,000 members after promising a 15 percent return.

Members of Shubhechha Multipurpose Cooperative Society Ltd said the organisation’s office was suddenly locked on September 17, after which chairman Abul Hashem, 46, allegedly fled with his family.

Depositors said they had invested between Tk 1 lakh and Tk 6 lakh each, with some withdrawing bank savings or taking loans to deposit the money. The society’s total capital was reportedly around Tk 10 crore.

The office at Raonat Bazar was found locked, while members gather there daily seeking their savings. Two depositors have filed separate cases with police and the court.

Kapasia Upazila Cooperative Officer Mahfuzul Amin said Hashem’s phone was switched off and the allegations were being investigated.

Victims also alleged that inadequate supervision by cooperative authorities contributed to the alleged fraud.

-EM/AJM