NGO director arrested in Dhaka over ‘Tk 6bn fraud’

CID says most victims are low-income clients who were denied access to their deposits after August 2024

Police have arrested the director of a Naogaon-based NGO over allegations of embezzling customer funds totalling more than Tk 6 billion.

Nazim Uddin Tanu, 37, director of Bandhu Mitaly Foundation, was arrested on Wednesday morning in Dhaka’s Dakshinkhan, the Criminal Investigation Department (CID) said.

It added that six suspects have now been arrested in the case filed on Nov 12 with Naogaon Sadar Police.

According to a CID media statement, Nazim attracted clients by promising a monthly return of Tk 2,000 for every Tk 100,000 deposited. A few clients received the return, but most did not.

The case file shows that the complainant deposited Tk 2 million, while other victims deposited around Tk 1.5 billion.

The CID said preliminary findings indicate that more than 800 clients may have lost deposits exceeding Tk 6 billion, which is now being verified.

The press note said most of the victims are from low-income groups.

It added that financial irregularities emerged after August 2024, when clients began failing to withdraw their savings or loan funds.

According to the case details, the NGO eventually informed clients that refunds would not be made, and those who went to the office to collect their money were driven away.

The investigation is being handled by the CID’s Naogaon district unit.