Cooperative society vanishes with Tk 1,500 crore in Madarganj, customers stage protest in Shahbagh

Affected customers from various areas including Jamalpur's Madarganj staged a protest in the capital's Shahbagh today, Saturday, against the fraud committed by cooperative societies. It is alleged that the entrepreneurs went into hiding after embezzling around Tk 1,500 crore in the name of the society, yet the administration has taken no effective steps to recover the deposited money. Speakers at the rally said that several cooperative societies including Shatadal, Al-Aqaba, Swadesh, and Nabadwip collected money from the simple-minded people of Madarganj and surrounding areas by luring them with high profits.

Later, they closed their operations and fled. At least 35,000 customers have been affected in Madarganj alone, among whom some sold land and others deposited their last savings sent by expatriate children into these societies. The rally was presided over by Chhatra Gonomancha central leader Nighat Raudra. It was conducted by Sajidul Haque. Speeches were delivered by Nasir Uddin Nasu, Masud Khan, Meghmallar Basu, Jabir Ahmed Jubel, Naim Uddin, along with victim Bithi Afrin, Humayun Ahmed, and Mokhlesur Rahman.

Speakers warned, "If the assets of the fraudsters are not confiscated and the dues are not paid, the Secretariat will be surrounded and a continuous sit-in program will be held." Following the rally, a procession marched to the National Press Club. The protest ended there with the burning of an effigy. Cooperative societies like mushrooms According to the data of the District Cooperative Office, 23 out of 163 registered societies in Madarganj have been identified as risky.

According to the accounts for 2023, the deposits of Al-Aqaba alone were Tk 418 crore, Shatadal Tk 221 crore, Swadesh Tk 57 crore, and Nabadwip Tk 25 crore. It is alleged that the actual figures are much higher. Operating like banks across the upazila, these societies took money from about 50,000 customers. Now all offices have padlocks on them, and customers are in extreme uncertainty. Victims said that although complaints were lodged multiple times with the police station, court, district administration, and cooperative office, the administration is shielding the fraudsters. Many have also been harassed.

They stated that under these circumstances, they have no other path left except movement. Source: Deshkal News