Khatungonj businessman absconds after allegedly defrauding traders of Tk50cr

A businessman in Chattogram's Khatungonj has allegedly disappeared without repaying nearly Tk50 crore to fellow traders. The businessman, named Nazim Uddin, is accused of committing fraud by exploiting the delivery order system for cardamom, a spice product.

Multiple Khatungonj traders said that Nazim, who owns Nur Trading, has been selling food items such as edible oil and sugar in Sonamia Market for a while. This market is infamous for its illegal delivery order or slip trading of food items. 

Last year, cardamom delivery trading began in the market, and Nazim reportedly joined in.

On 5 June, he reportedly sold cardamom delivery orders to numerous traders, took cash payments, and vanished, turning off his phone. 

On that day alone, he is accused of selling orders worth Tk5 crore but not delivering goods or refunding buyers. Additionally, he allegedly did not pay traders he owed money to from recent purchases.

The victims claim they found Nazim and brought him to the Khatungonj Trade and Industries Association office on the evening of 5 June. 

Around 50 creditors complained to the association leaders about the unpaid dues. When the issue was not resolved, Nazim was detained overnight. 

The next day, his brother-in-law reportedly arrived and presented a Tk10 crore cheque to the association, securing Nazim's release.

Chittagong Chamber of Commerce and Industry Director Alamgir Parvez said that around 40-50 businessmen, including Nazim, went to the association's office on 5 June over unpaid dues, totalling approximately Tk50 crore. 

To probe the outstanding amount, a three-member committee was established. Nazim was released to his brother-in-law's custody with the promise to settle the dues. However, Alamgir noted, that Nazim vanished again and remained missing.

Abdul Mannan of Tanisha Enterprise said that he bought 11 tonnes of cardamom from Nur Enterprise. While he used to receive goods or payment for previous orders, deliveries stopped after 4 June. 

He also said that Nazim was not issuing cheques for the goods, and those issued previously bounced due to insufficient funds.

Abdul is just one of many affected traders. Others include Kofil Uddin (owed Tk8.5 crore), Kamal Uddin (owed Tk84 lakh), Md Ali (owed Tk80 lakh), and Md Liton (owed Tk1 crore).

This incident reveals a decline in trust within Khatungonj's business circle. Traditionally, transactions relied on trust, with payments settled over time. 

However, over the past forty years, there's been a surge in businessmen fleeing without paying debts. 

Reports indicate that since 1986, at least 68 businessmen have disappeared, taking an estimated Tk900-1000 crore with them. The most recent incident before Nazim's involved spice trader Shah Jamal in 2019, who absconded with Tk48 crore owed.