Investors protest in Naogaon over alleged 50 million taka embezzlement by cooperative society
Photo Collected
Dozens of depositors staged a protest in Patnitala, Naogaon, on Wednesday, demanding the return of millions of taka allegedly embezzled by the Swapnobhumi Small Business Cooperative Society. Demonstrators gathered at the Natunhat intersection, displaying placards and banners to highlight claims that over 200 clients have been defrauded of approximately 50 million taka.
According to the protesters, the cooperative was established in 2020 by Obayedul Islam Nantu and Apel Mahmud, among others, operating out of a rented facility in the Natunhat area. The organization initially attracted local investors by promising interest rates significantly higher than those offered by traditional commercial banks. While the society met its obligations during its early operations, payments reportedly ceased in August 2024 following the change in government.
বিজ্ঞাপন
Victims allege that for the past two years, the management has employed stalling tactics to avoid returning principal deposits. Since March 2025, the office has remained closed, leaving investors unable to access their savings. Several depositors, including Abu Bakkar Siddique, who claims to have deposited 1.6 million taka, stated that the financial collapse has left many families facing severe economic hardship.
During the protest, some participants alleged they had received threats of physical violence for speaking out against the society’s leadership. Roksana Parveen, a complainant, expressed fear for her safety and urged local authorities to provide protection while ensuring the suspects are held accountable.
বিজ্ঞাপন
In response to the allegations, General Secretary Apel Mahmud attributed the payment delays to financial losses incurred following the country’s recent political transition. He maintained that the society intends to repay investors incrementally and asserted that some dividends have already been disbursed, urging the public to remain patient.
The incident has drawn the attention of local law enforcement. Patnitala Police Station Officer-in-Charge Niamul Haq confirmed that a formal complaint has been filed against the society’s president, general secretary, and other board members regarding the alleged misappropriation of funds. Authorities have initiated an investigation into the matter and pledged to take appropriate legal action.
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