Naogaon Correspondent:

The Criminal Investigation Department (CID) has arrested the main accused of a syndicate accused of embezzling nearly Tk 600 crore from clients of an NGO named Bondhu Mitali Foundation in Naogaon by promising unusually high profits.

Officers arrested him early on Wednesday while he was in hiding in Dhaka’s Dakshinkhan area. The arrested individual is Md Nazim Uddin Tanu.

CID’s LIC unit conducted the operation using data analysis and modern technology.

According to the case statement, Bondhu Mitali Foundation (registration number Raj 370), a registered NGO located in the Officepara area of Naogaon Sadar, collected deposits from the complainant and many others in the form of savings, monthly DPS schemes, one-time loans and other deposits. The organisation promised a monthly dividend of Tk 2,000 for every Tk 100,000 deposited. The complainant alone had Tk 2 million in deposits. Victims had accumulated approximately Tk 150 crore.

Investigators found that, in the initial phase, the organisation paid dividends only to a select group of customers chosen by its directors. When this became known, many people from marginalised communities became interested in investing. Financial irregularities emerged after August 2024. When clients attempted to withdraw their deposits or loan money, the authorities delayed payment using various excuses.

In November last year, when clients went to the office to demand their money, they were informed that no funds would be returned. They were eventually forced out of the office.

Following the incident, victims filed a fraud case at Naogaon Sadar Police Station on 12 November last year. The case is currently under investigation by CID’s Naogaon district unit.

CID said preliminary findings show that more than 800 clients have lost nearly Tk 600 crore. So far, six people, including Nazim Uddin Tanu, have been arrested. The investigation is ongoing to identify other members of the syndicate, uncover full details of their involvement and take necessary legal steps.