Aziz co-op chief Tajul sued for embezzling Tk 300 crore

The Criminal Investigation Department (CID) has filed a case against the chairman of Aziz Co-operative Commerce and Finance Credit Society Limited, M Tajul Islam, for allegedly embezzling Tk. 300 crore from customers. “Islam amassed Tk. 300 crore of 11,425 customers deposited in 80 branches of his organisation,” said CID special superintendent Molla Nazrul Islam yesterday.

He was talking to reporters at the department’s headquarters in Malibagh, Dhaka. Cases were lodged against Tajul Islam at Bangshal and Ramna police stations in the past, said the CID special superintendent.  He also said law enforcers have found evidence that Tajul Islam siphoned off Tk. 100 crore to Canada.

According to the CID, the activities of Aziz Co-Operative Commerce and Finance Credit Society Limited started in 1984. The activities of this company are approved by Department of Cooperatives, which listed only 26 branches across the country. But it managed to open 80 branches and get 11,425 subscribers.

CID officials said the 80 branch managers and officials of Aziz Co-Operative Commerce and Finance Credit Society collected more money from their customers in the name of more deposits. When the customers demanded the benefit of fixed deposits after their terms got over, they  made false promises of giving them their dues.  

Tajul Islam, officer Sajjadul Islam Tanvir and branch manager Md Zakir Chowdhury have been sued under Money Laundering Act.

Currently, Tajul Islam is a green card holder of Canada and two of his sons, Farhadul Islam Shabbir and Riazul Islam Rizvi, have been living in Canada since 2011.

In October 2017, Tajul Islam, along with the current and 31 former members of the management committee, were fined Tk. 2.46 crore under Section 49 of the Cooperatives Act in keeping with the provisions of the Securities and Exchange Act 49. But the money has not been deposited in the treasury fund yet.

The Anti-Corruption Commission (ACC) has filed two cases in Bangshal and Ramna police stations against him.

Referring to the accounts of the bank, the CID said Tajul Islam has transferred approximately Tk. 300 million in cash.

Later, the money was kept in the name of his wife, Afroza Parvin, and son, Sajjadul Islam Tanvir.

 

Aziz co-op chief Tajul sued for embezzling Tk 300 crore

The Criminal Investigation Department (CID) has filed a case against the chairman of Aziz Co-operative Commerce and Finance Credit Society Limited, M Tajul Islam, for allegedly embezzling Tk. 300 crore from customers. Islam amassed Tk. 300 crore of 11,425 customers deposited in 80 branches of his organisation, said CID special superintendent Molla Nazrul Islam yesterday. He was talking to reporters at the departments headquarters in Malibagh, Dhaka. Cases were lodged against Tajul Islam at Bangshal and Ramna police stations in the past, said the CID special superintendent. He also said law enforcers have found evidence that Tajul Islam siphoned off Tk. 100 crore to Canada. According to the CID, the activities of Aziz Co-Operative Commerce and Finance Credit Society Limited started in 1984. The activities of this company are approved by Department of Cooperatives, which listed only 26 branches across the country. But it managed to open 80 branches and get 11,425 subscribers. CID officials said the 80 branch managers and officials of Aziz Co-Operative Commerce and Finance Credit Society collected more money from their customers in the name of more deposits. When the customers demanded the benefit of fixed deposits after their terms got over, they made false promises of giving them their dues. Tajul Islam, officer Sajjadul Islam Tanvir and branch manager Md Zakir Chowdhury have been sued under Money Laundering Act. Currently, Tajul Islam is a green card holder of Canada and two of his sons, Farhadul Islam Shabbir and Riazul Islam Rizvi, have been living in Canada since 2011. In October 2017, Tajul Islam, along with the current and 31 former members of the management committee, were fined Tk. 2.46 crore under Section 49 of the Cooperatives Act in keeping with the provisions of the Securities and Exchange Act 49. But the money has not been deposited in the treasury fund yet. The Anti-Corruption Commission (ACC) has filed two cases in Bangshal and Ramna police stations against him. Referring to the accounts of the bank, the CID said Tajul Islam has transferred approximately Tk. 300 million in cash. Later, the money was kept in the name of his wife, Afroza Parvin, and son, Sajjadul Islam Tanvir.