The arrestee is chairman of Aziz Co-operative Commerce and Finances Credit Society
The Criminal Investigation Department (CID) of police has arrested a man on charges of misappropriating Tk300 core in the name of co-operative banking.
The accused fraud was identified as Tajul Islam, 69, chairman of Aziz Co-operative Commerce and Finances Credit Society.
Tajul embezzled money, assuring people that he would give interest and profit against their deposits.
Mollah Nazrul Islam, special superintendent of police (SSP) of CID, stated the news at a press conference on Sunday.
He said: "It seems Tajul has misappropriated Tk300 crore from 20,000 investors and clients through 160 branches."
"It has co-operative registration, which is illegal," he added.
Primary investigations found that Tajul had embezzled the money through 77 accounts from 12 banks.
The money was transfered to Tajul's wife and two son’s organisations, Islam said.
The SSP also said they found that Tajul’s sons are Canadian citizens.
Tajul has trafficked almost Tk100 million in Canada. “We have filed a case against Tajul along with his wife and sons,” the SSP added.