 from unsuspecting investors. The suspect, Md. Akterul Islam Billal, 40, was apprehended in Pabna’s Kashinathpur Market during a coordinated raid.){kind=link}
Mugda Police arrested the mastermind of a major financial scam on Saturday for allegedly embezzling nearly 20 million BDT (2 Crore) from unsuspecting investors. The suspect, Md. Akterul Islam Billal, 40, was apprehended in Pabna’s Kashinathpur Market during a coordinated raid.
Billal, the chief of ‘Calix Multipurpose Co-operative Society Ltd.’, allegedly operated the scam alongside his wife, Nargis. The couple lured clients with promises of high monthly returns, offering up to 3,000 BDT for every 100,000 BDT invested.
According to police sources, the duo used the collected deposits to provide high-interest loans to small traders. However, they failed to return the principal amounts or pay the promised dividends to the original depositors, effectively misappropriating the funds.
“We tracked the suspect using advanced surveillance technology and confidential informants,” a Mugda Police official stated. Billal already faces three prior fraud charges at the Mugda Police Station.
Police confirmed that the investigation remains active as they track down other accomplices involved in the fraudulent scheme.