Dipti Multipurpose Cooperative Society Ltd, a Mirpur-based non-governmental organisation, has disappeared allegedly after embezzling Tk 12 crore from more than 500 low income depositors.
The cooperative society has swindled rickshaw-pullers, domestic workers and even beggars out of their deposits collected for nearly two decades.
Established in 2006 and registered with Dhaka District Cooperative office, Dipti Multipurpose Cooperative Society had steadily gained the confidence of local people. In last 18 years, it attracted savings from low-income individuals, promising them security and financial growth.
However, a recent investigation revealed that such promises were made based on lies and deceit.
An investigation, conducted by the Dhaka District Cooperative office, has found that the management committee, headed by President Shajahan, siphoned off Tk 12 crore in total. Shajahan allegedly misappropriated Tk 3 crore himself while the remaining committee members embezzled Tk 9 crore. Local residents claimed that Shajahan purchased a plot of land and built a 10-storey building after he embezzled Tk 12 crore alone.
According to an audit note, they have started deceiving people since the fiscal year 2012-13.
Despite these findings, many victims dispute the official report, claiming that the actual amount stolen is much higher than Tk 12 crore reported.
Shajahan and two other committee members have got involved in fraudulent activity in connivance with a former cooperative officer who allegedly falsified audits in exchange for personal gains.
FM Mahmudul Haque, a member of Dipti Multipurpose Cooperative Society, said that he deposited Tk 468,000 in last 18 years. President Shajahan, Vice President Abdul Khalek, General Secretary Shahin Mia, and Treasurer Imam Hossain embezzled his entire savings, he added.
He also claimed that Shajahan and his associates siphoned off his savings and manipulated other significant savers into joining the cooperative’s management, a tactic he used to continue his fraud.
Haque was forced to act as the cooperative's general secretary since 2018. He alleged that Shahjahan was trying to grab Tk 30 from him in the name of an investigation report.
Others, like Yusuf Tusar, invested their life savings into Fixed Deposit Receipts (FDRs), lured by promises of long-term dividends. However, Tusar, like many others, was forced to withdraw without receiving promised returns.
He also claimed that the cooperative’s president used their savings to build personal businesses, including a ten-storey building in Dhaka’s Mirpur.
Shirina Akter, another victim, invested Tk 8 lakh with her sister in FDRs, believing their family’s financial future was secure. She was horrified to learn from district officials that offering FDRs and Deposit Pension Schemes (DPS) under cooperative societies was illegal. Shirina’s total family deposit amounted to Tk 11.5 lakh, and she is now struggling to recover her savings.
Locals allege that Shajahan fled the area with his wife Rehala Akter Runa after defrauding nearly Tk 20 crore, significantly more than the official figure. The couple also embezzled funds through a separate venture, ‘Dipti Cooperative Savings Project.’
They further revealed that Runa owns the building in which the society operated and that the couple also owns new ten-storey building.
When approached for comment, Shajahan reportedly went into hiding, leaving behind his manager Nasir.
Nasir admitted that the cooperative had engaged in fraudulent activities but insisted that they are trying to sell land bought in the cooperative’s name to repay creditors gradually and that Shajahan also runs a rice and grocery business.
Many people were involved in fraud, but with most in hiding and that’s why they are struggling to repay customers.
Dhaka District Cooperative Officer Mohammad Saddam Hossain confirmed that legal action has been initiated against the cooperative’s management committee.
He urged victims to come forward and file lawsuits to help recover their savings. Furthermore, Hossain assured that if any cooperative officers were found guilty of crime, they would face the music.
