Directors of Al Aqaba Cooperative Society sued for laundering Tk400cr

The Criminal Investigation Department (CID) has filed a case under the Money Laundering Prevention Act against the directors of Al Aqaba Multipurpose Cooperative Society for allegedly embezzling Tk400 crore from customers and laundering the funds.

The case was lodged on August 20 at Madarganj Police Station in Jamalpur District, under Section 4(2)(4) of the Money Laundering Prevention Act 2012 (Amendment-2015).

The directors of the Madarganj Al-Aqaba Cooperative Society and their associated institutions have been named in the case.

The accused allegedly defrauded thousands of customers by collecting Tk400 crore under the guise of various cooperative societies, particularly the Madarganj Al-Aqaba Multipurpose Cooperative Society Limited.

They reportedly lured people from different areas of Jamalpur and neighboring districts by promising high short-term returns.

The societies allegedly promised monthly returns of Tk1,200–1,500 per lakh. Initially, small profits were paid out, but payments later stopped, and the owners, officers, and employees of the associations locked the offices.

Investigations revealed that the directors embezzled funds from approximately 13,000–14,000 customers, laundered the money, and used it to establish various institutions and purchase 3,113 decimals of land.

Notable properties include a brick kiln, Alpha Auto Bricks, covering 15 acres in Goherpara Mouza under Sadar Thana, Jamalpur, and a garment factory, Alpha Dresswear, on 350 decimals in South Salna Mouza, Gazipur.

Additionally, the accused own nine plots in the Bashundhara Residential Project under the names of Alpha Developer and Alpha Dresswear. Other properties are spread across Dhaka, Narayanganj, Gazipur, and Jamalpur districts.

Following a request from the CID's money laundering investigation officer, the Senior Special Judge of the Jamalpur Sessions Court issued an order to seize the establishments, institutions, and properties.

The court also issued an order preventing the individuals involved in the case from traveling abroad.

The CID's Financial Crime Unit is conducting an intensive investigation to bring those responsible to justice.