RAB arrests Ehsan Group chairman for embezzling Tk 170bn

The Rapid Action Battalion has arrested Ragib Ahsan, chairman of ‘Ehsan Group Pirojpur-Bangladesh’, and one of his accomplices on charges of embezzling Tk 170 billion.

Ahsan defrauded people of a “large amount of money” in the name of running a business under the Shariah law, the elite force said on Friday, a day after the two were arrested. The RAB will disclose further details at a press conference later in the day. 

Ahsan claims to own several madrasas and organisations, including Ehsan Multipurpose Co-operative Society Ltd and Ehsan Real Estate and Builders Ltd as front companies to run a fraud scheme.

A native of Pirojpur, Ahsan was the principal of Al Madinah Cadet Madrasah. He worked as an imam of a mosque as well.

At one point, he launched a multilevel marketing (MLM) business and started Ehsan Real Estate and Builders Ltd in 2010. He launched almost a dozen companies afterwards under the name of Ehsan Group Pirojpur-Bangladesh.

Earlier this year, the media reported that the employees of the company vanished with a large amount of money raised as ‘investments’ from its customers in Pirojpur and surrounding areas with a promise of good profit.