In Naogaon, the private entity Udoyer Pothe Multipurpose Co-operative Society Limited has allegedly shut down operations and disappeared with nearly Tk4 crore of customers’ deposits.
The sudden closure of the office has left depositors anxious, while the society’s director Asaduzzaman Titu and Assistant Manager Masud Rana Bidyut remain unreachable.
Every day, customers visit the main office in vain and return disappointed. Victims are urging immediate government intervention and the return of their hard-earned money.
The society, based in Dhamkuri village of Boalia Union in Naogaon Sadar, had been registered as a private co-operative.
For over 30 years, Asaduzzaman Titu, Masud Rana Bidyut and a team of 10 collected savings, deposits, and investments from villagers. They attracted people with promises of Tk2,000 profit per lakh, leading many to deposit life savings for purposes such as children’s education, marriages, or building houses.
During the extended Eid-ul-Adha holiday, the society reportedly ceased operations, taking deposits from over 300 customers, amounting to approximately Tk4 crore.
Victims said the organisation had long collected money from simple villagers under the lure of high returns. The sudden disappearance has caused anger and fear among the community.
Abdur Rahman, a street-side fruit seller, said he had deposited Tk3 lakh five years ago, intending to build a house with the profits. He said the society initially paid small dividends, but delays followed. With the office closed during Eid, his family is now on the brink of financial collapse, and he cannot afford his wife’s medical treatment.
Garment worker Seema said she trusted Asaduzzaman Titu, her former teacher, and deposited Tk2 lakh for her children’s future. “I never imagined being cheated like this. We are now at a loss and demand the return of our money,” she said.
Housewife Marufa Bibi, a cancer patient, said she had deposited Tk70,000 seven years ago. When she attempted to withdraw some funds last year, she was verbally abused and eventually received only Tk20,000. The rest remains unreturned.
Another villager, Ashraful Islam, said operations had been normal initially but declined after the Covid-19 pandemic. Loans were not disbursed, and profits were withheld. A prior meeting in the village had informed customers of a temporary suspension of returns, with assurances of phased repayment. However, the society has now closed completely.
On Sunday, the society’s office in Dhamkuri was found locked. Visits to the homes of director Asaduzzaman Titu and assistant manager Masud Rana Bidyut yielded no trace of them.
Naogaon Sadar Upazila Co-operative Officer Md Jahangir Alam said an audit had been conducted this year, during which the society failed to submit documents. A notice was issued 15 days ago to cancel the society, but it is unclear whether it has formally been dissolved, and no formal complaints have yet been received.
