RAB arrests man for laundering Tk470cr

The Rapid Action Battalion (RAB) arrested a man for defrauding banks and more than a hundred people of nearly Tk470 crore.

The arrestee, named Ziauddin Zaman, was picked up from the capital's Diabari on Tuesday, said RAB officials during a press briefing in Karwan Bazar.

They said Zaman took Tk170 crore from over a hundred people in return for shares of his fake companies and used the money to buy at least 130 bighas of land. Later, he took nearly Tk300 crore in bank loans against the lands and the non-existent companies.

Commander Khandaker Al Moin, spokesperson for RAB, said Zaman would introduce himself to people as the owner of Fosan Group and claim that he had several other companies.

During interrogation, the arrestee admitted to luring people in giving him money in return for shares of the companies by showing attractive advertisements of products, including Fosan Ceramic, sanitary pads, Highlady Sanitary Napkins, etc, the RAB official said.

The RAB commander said in order to convince investors, Zaman set up websites for his fake companies. In addition, he also set up fake factories for clients to visit.  

Zaman gained a thorough understanding of the intricacies of the tiles business in 2009 while he was abroad. Besides, he was also involved in money laundering for mafia groups in two foreign countries, which earned him favours with the criminal groups, the RAB spokesperson claimed.

He began smuggling money abroad in the name of Fosan Ceramic Limited, Hi-Tech Ceramic Limited, etc in 2014. In the last six years, he smuggled out about half a billion taka from the country.

In total, he has 39 accounts in different domestic banks and three accounts in foreign banks abroad. There are also 60 to 70 accounts in different banks of the country under the name of other members of his family.

There are 18-20 cases filed against him in different police stations for various crimes.