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Published : 12 Aug 2025, 01:33 PM
The Criminal Investigation Department (CID) of police has seized property worth around Tk 50 million belonging to “Ahmadiyya Finance and Commerce Multipurpose Co-operative Society Limited” on allegations of embezzling customer deposits.
The agency says the confiscated property is a 10-storey commercial building named “Euro Star Tower” in Dhaka’s Kafrul, owned by the organisation’s Managing Director Monir Ahmed.
On Jul 16, a court ordered the building to be seized, and the CID said on Tuesday that it had carried out the order.
According to the police unit, Monir registered the “Ahmadiyya Multipurpose Co-operative Society” with the Dhaka District Cooperative Office in 2005 (registration No. 648).
In 2006, he changed the name and re-registered it as “Ahmadiyya Finance and Commerce Multipurpose Co-operative Society Limited” (registration No. 58).
The society's key objective was to collect savings and share deposits from its members, provide them with loans, and improve their socio-economic status.
At its inception, it had 20 members, which increased to 21 by 2018, according to the audit report. The monthly membership fee was Tk 2,000.
The CID stated that "while the society was only supposed to conduct loan and savings activities among its members, suspect Monir Ahmed began collecting deposits from the public for various terms by offering false promises”.
It is alleged that through deception, he collected Tk 58.34 million from thousands of people in the Mirpur, Cantonment, Banani, Mohakhali, Kafrul, and other surrounding areas by promising high returns.
According to the CID's initial investigation, Monir used the money collected to fraudulently purchase a vast amount of immovable property in his own name.
In November 2023, a money laundering case was filed against Monir and other suspects at the Kafrul Police Station.
During the ongoing investigation, the CID found that “Euro Star Tower”, which was built on 8.47 decimal of land, belonged to the co-operative.
The agency confirmed that the investigation into the case of customer deposit embezzlement is still ongoing.
