‘Double your money in 33 months’: CID arrests man over fisheries project ‘fraud’

The Criminal Investigation Department (CID) has arrested a 33-year-old man for his alleged involvement in a “fraudulent investment scheme” that reportedly embezzled Tk 4 billion promising to implement a fisheries and agro-project.

The suspect, identified as Md Obaidullah, was apprehended in Dhaka’s Basabo on Tuesday.

Investigators claim to have found evidence of transactions worth Tk 25 million across 14 of his personal bank accounts.

According to the CID, the scam operated under the name Najran Fisheries and Agro Project.

The syndicate lured victims with promises of high returns, claiming that an investment of Tk 100,000 would yield a monthly profit of Tk 3,000.

They also promised that the principal amount would double within 33 months.

In one specific case cited by the CID, three investors initially poured Tk 1.7 million into the project’s Kuril office in May 2023.

After receiving Tk 42,000 in “profits”, they were encouraged to invest an additional Tk 5 million.

The suspects eventually coerced the victims into purchasing “mandatory plots” within the project, bringing their total investment to nearly Tk 16.4 million.

After returning only Tk 1.8 million as dividends, the syndicate shuttered their office and went into hiding.

The CID’s investigation into the company’s servers, money receipts, and four official bank accounts suggests that numerous victims collectively invested approximately Tk 4 billion.

A broader investigation is also underway regarding allegations that the group may have misappropriated up to Tk 8 billion from nearly 15,000 people as of May last year.

Obaidullah currently faces at least three cases filed with Bhatara, Uttara West, and Savar police stations.