The Criminal Investigation Department (CID) has seized a commercial building worth approximately 500 million taka owned by Ahmedia Finance and Commerce Multipurpose Cooperative Society Limited amid allegations of embezzling customers’ deposits.
The seized property, named Euro Star Tower, is a 10-story commercial building located in Kafrul, Dhaka, and is owned by the managing director of the cooperative, Monir Ahmed.
According to a CID statement on Tuesday, the court had issued the seizure order on July 16, following which the building was confiscated.
Monir Ahmed registered the cooperative in 2005 under the name ‘Ahmedia Multipurpose Cooperative Society’ with the Dhaka District Cooperative Office (registration no. 648). In 2006, the society was re-registered under its current name (registration no. 58).
The cooperative’s primary purpose was to collect savings and share deposits from members, provide loans, and promote their socio-economic development.
Initially, the cooperative had 20 members, which increased to 21 by 2018, according to audit reports. Members contributed a monthly fee of 2,000 taka each.
However, CID investigation revealed that Monir Ahmed, in violation of regulations, began collecting deposits from the general public by promising high returns, targeting thousands of people across areas including Mirpur, Cantonment, Banani, Mohakhali, and Kafrul.
The total amount allegedly collected through fraud amounts to approximately 583.5 million taka.
Preliminary CID investigations suggest that Monir used the defrauded money to acquire significant immovable assets in his own name.
A case under the Money Laundering Prevention Act was filed at Kafrul Police Station in November 2023 against Monir and others.
During the ongoing investigation, CID traced the Euro Star Tower, built on 8.47 percent of land. Following the investigation officer’s request, the court ordered the seizure of the building on July 16.
The investigation into the alleged embezzlement of customer deposits is ongoing, CID added.
