Multipurpose co usurps Tk200cr, 5 detained
To gain trust among people, they have misused religion
The Rapid Action Battalion (RAB) has detained five members of a fraudster gang for allegedly swindling nearly 6,000 people out of more than Tk200 crore in the name of sharia-based Shah Sultan Multipurpose Company.
They used to attract people to invest in businesses claiming to be operated based on the principles of Islamic law (Sharia law), alluring them by assurances of providing a 12%-16% profit in return, said Khandaker Al Moin, director of RAB's Legal and Media Wing, at a press conference on Saturday.
The detainees are Shah Alam, 50, Delower Hossain Shikder, 52, Kazi Mane Ullah, 44, Sumon Mollah, 33 and A Hannan Mollah, 30.
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Al Moin said the gang had 300 workers at the field level who were assigned to procure new clients and collect money from them, assuring a 10% monthly and a 6% yearly profit. In addition, they used to collect money for the monthly DPS scheme.
The money collected was used to provide loans at a very high-interest rate to people after receiving collateral, though the company is not a banking institution. The frauds invested the money in other businesses.
The RAB officer said that to gain trust from people, they have misused religion. They have recruited many devoted Muslims into their team.
Khandaker Al Moin said Md Shah Alam, ring leader and chairman of the multipurpose company, managed to set up four industries with a 24-member board of directors. He also recruited 20 extra directors from among his relatives. Later, he set up magnificent branch offices in Narsingdi – MCS Cooperative Society Ltd, Swades Textile Ltd, Shah Sultan Textile Ltd and Shah Sultan Properties Ltd.
