CID attaches Tk50 crore property linked to Ahmadiya Cooperative deposit fraud
The property, a ten-storey tower named 'Euro Star Tower,' was seized as part of an investigation into allegations of embezzlement and fraudulent collection of customer deposits by Monir Ahmed
The Criminal Investigation Department (CID) has ordered the attachment of a commercial building today (12 August) valued at approximately Tk50 crore in Kafrul, Dhaka.
The property, a 10-storey tower named "Euro Star Tower," was seized as part of an investigation into allegations of embezzlement and fraudulent collection of customer deposits by Monir Ahmed, managing director of Ahmadiya Finance and Commerce Multipurpose Cooperative Society Limited.
According to a press release issued by the CID, Monir Ahmed, 53, registered the cooperative in 2005 as Ahmadiya Multipurpose Cooperative Society and re-registered it in 2006 under its current name. The cooperative originally aimed to collect savings and share deposits from 20 members and provide loans for their socio-economic development. By 2018, membership grew to 21, with each member paying a monthly subscription of Tk2,000.
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However, Monir Ahmed is accused of fraudulently collecting about Tk58.34 crore from nearly 1,000 to 1,100 people across Mirpur, Cantonment, Banani, Mohakhali, Kafrul and nearby areas by promising high returns.
Preliminary investigations revealed that the money was used to buy immovable properties in his name. Following this, Kafrul Police filed a case under the Anti-Money Laundering Act 2012 (Amended 2015) on 19 November 2023.
The CID's Financial Crime Unit found the "Euro Star Tower" on 8.47% of land in Ibrahim Mouza. Acting on a petition, the Dhaka Metropolitan Sessions Court ordered the building's seizure on 16 July 2025, said the press release.
The case remains under CID investigation as authorities work to uncover all details of the alleged money laundering and embezzlement, the press release added.
