Ehsan Group chairman arrested over misappropriating Tk 17,000cr

The Rapid Action Battalion (RAB) in a drive on Friday arrested Ehsan Group Chairman Ragib Hasan and his associate Md Abul Bashar on charges of misappropriating Tk 17,000 crore.

Legal and Media Wing Assistant Director Khandaker Al Moin disclosed the information in the afternoon at a press conference in the capital.

Many cases were filed against the group on charges of embezzlement of money from thousands of people promising to run the company according to Islamic Shariah law and offering them a high profit, he informed.

The arrestees were detained from a house in the capital’s Topkhana road, the RAB spokesperson said, adding that some voucher books and mobile phones were seized during the drive.

“Ragib, once the Imam of a mosque, joined a multi-level-marketing (MLM) company in 2006 and learned ins and outs of the Ponzi scheme-business. Later in 2008, he set up an MLM business named Ehsan Real Estate based in Pirojpur,” the official added.

In primary interrogation, the RAB came to know Ragib so far formed 17 firms, in which more than one lakh customers invested the amount.

“Ragib confessed that he managed to trap the huge number of people capitalising on their religious emotion. Devotees, imams and religious institute people were his main targets,” Moin stated.

Currently, the Ehsan group has around 300 workers who have no salaries, but 20% commission on their collected money.

The RAB said in the primary interrogation, Ragib however, said he collected Tk 110 crore only. “Further interrogation is needed in this regard,” the agency believes.

Based on some media reports, and victims’ complaints the RAB conducted the drive.

Ragib started his education life in 1986 at a madrasha in Pirojpur. Later, he completed Dawra Hadith from a madrasha in Chattogram Hathazari.