Bangladesh Police Bust Racket That Swindled Tk50 Crore From Flat Buyers

The Criminal Investigation Department (CID) of the Bangladesh Police has busted an 11-member racket, including the ringleader, 11 private bank officials, and one National Identity (NID) employee, for swindling at least Tk50 crore from prospective flat owners through forged documents and loan fraud in Dhaka. The racket, led by 40-year-old Joynal Abedin Idris, was uncovered on Saturday.

Why this matters: This bust highlights the vulnerability of Bangladesh's banking and real estate sectors to fraud, which can have far-reaching consequences for the country's economy and citizens. It also underscores the need for stricter oversight and regulation to protect consumers and prevent such large-scale fraud.

The group had connections with various institutions, including land offices, banks, sub-register offices, and the NID office. They would show off flats in elite areas of the capital, presenting authentic-looking land deed papers, and then ask clients for an advance. The racket would also use forged papers to secure multiple loans against the same property.

CID Chief, Additional Inspector General Mohammad Ali Miah, expressed his disbelief at the extent of the fraud, stating, "We have found evidence that seven different bank loans were given against a single flat through forging documents. How is this possible? It's my question too." He added, "If you want 10 NID cards against a person, they can make it happen. If you need 10 deeds of land against a single flat, they can also do it. The nexus is everywhere."

The investigation revealed that Idris had six different NID cards with different names and had amassed a fortune, including a seven-storeyed building in Bashundhara Residential Area and eight more flats in Mirpur and Ashkona areas. He had also established several other enterprises, receiving fake loans from different banks.

The racket involved 25 members and businesses owned by Idris, such as Neer Estate Properties Limited, ER International, and Rummana Jewellers. Idris' two wives, Rummana and Rabeya Akhter Mukta, were also involved in the fraud and are currently on the run.

The CID's investigation found allegations of illegal transfer of hundreds of crores of takas through loans from various banks and financial institutions. The bust of this extensive racket highlights the vulnerability of Bangladesh's banking and real estate sectors to fraud and the need for stricter oversight and regulation to protect consumers.

Key Takeaways

• Bangladesh Police's CID busts 11-member real estate racket, including 11 bank officials and 1 NID employee.
• Racket led by Joynal Abedin Idris swindled Tk50 crore from flat owners through forged documents and loan fraud.
• Racket had connections with land offices, banks, sub-register offices, and NID office to facilitate fraud.
• CID Chief expresses shock at extent of fraud, citing 7 bank loans against a single flat through forged documents.
• Racket's leader, Idris, had 6 NID cards, amassed a fortune, and established several businesses through fake loans.