More than 300 depositors in Naogaon have been left in financial uncertainty after a cooperative society allegedly shut down its operations and disappeared with nearly Tk 4 crore of customers' savings.
Victims claim that Udayer Pothi Multipurpose Cooperative Society Limited, based in Dhamkuri village under Boalia Union of Naogaon Sadar Upazila, abruptly closed its office during the Eid-ul-Azha holiday and that its key officials have since gone into hiding.
Depositors allege that the society's director, Asaduzzaman Titu, assistant manager Masud Rana, and several others collected savings, DPS and fixed deposits from local residents for years by offering lucrative returns. Many customers invested their life savings, hoping to finance their children's education, marriages, medical treatment or house construction.
Since the office was found closed, anxious customers have been visiting the premises daily, but have failed to locate any officials or recover their money.
According to local residents, the cooperative had been operating for more than 30 years and promised returns of Tk 2,000 per lakh, attracting a large number of depositors from surrounding villages. Customers now estimate that around Tk 4 crore belonging to more than 300 people is at risk.
Abdur Rahman, a fruit trader from Dhamkuri village, said he deposited Tk 3 lakh with the organisation five years ago.
"I trusted the institution because it operated in our village. I hoped to build a house with my savings, but now my wife is ill and I cannot even afford her treatment," he said.
Seema, a garment worker, said she deposited Tk 2 lakh after being encouraged by the organisation's director, who had once been her teacher.
"I saved the money for my children's future and my daughter's marriage. Now I fear I have lost everything," she said.
Another depositor, Marufa Bibi, alleged that she invested Tk 70,000 seven years ago. After being diagnosed with breast cancer, she repeatedly sought to withdraw part of her savings but was unable to recover most of the money.
Residents said the organisation's activities began to decline after the Covid-19 pandemic. While officials continued collecting deposits, profit payments reportedly became irregular and loan disbursements largely stopped.
Ashraful Islam, a local resident, said the management later informed customers that profits would be suspended temporarily and promised to return deposits in phases.
"We accepted their proposal, but instead they shut down the office and disappeared," he alleged.
Naogaon Sadar Upazila Cooperative Officer Jahangir Alam said the organisation had recently come under the upazila office's supervision and was selected for an audit.
"They failed to submit the required documents during the audit process. A notice was issued about 15 days ago regarding cancellation of the society's registration. However, no formal complaint has yet been lodged with our office over the matter," he said.
Repeated attempts to contact director Asaduzzaman Titu and assistant manager Masud Rana were unsuccessful as their mobile phones were switched off. They also could not be found at their residences, according to local residents.
The affected depositors have called for immediate government intervention, a thorough investigation into the allegations and the recovery of their hard-earned savings.