Rapid Action Battalion on Saturday night arrested five members of a fraudster gang from Narsingdi’s Bhelanagar area for swindling Tk 200 crore from investors.

The arrestees are- organisation’s chairman Shah Sultan Multipurpose Financial Institute Md. Shah Alam and his associates Md Delwar Hossain Sikder, Kazi Mane Ullah, Md Sumon Mollah and A. Hannan Mollah.

Rab nabbed them while they were holding a secret meeting, according to media release of the elite force.

In 2010, Shah Alam formed a Shariah-based financial organisation called Shah Sultan Multipurpose Financial Institute in Ghoradia area of Chinishpur union under Narsingdi Sadar upazila.

Also read: Man ‘dies of cardiac arrest’ after Rab interrogation in Ctg

During Rab interrogation, Alam said that his company had over 300 employees who were hardly paid. Besides he formed an executive body of 24 members and 20 directors who ran four companies under the organization.

They used to collect money from customers through DPS on a monthly basis promising high profit. So far, they have collected around Tk 200 crore.

When the depositors, hard-hit by Covid-19, started asking for their money back, the organization closed the office and the staff went underground, the media release said.

Also read: Gang-rape in Bagherhat: Key accused held by Rab

Omar Farooq, managing director of the company and Masood Rana, deputy managing director of the company bought 5-6 acres of land in different places of Narsingdi with the investors’ money. Besides, they bought 7-8 acres of land for the company, they said during the interrogation.