MCS cos swindling money from innocent clients in Rajshahi

Our Correspondent | Published: June 06, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

RAJSHAHI, Jun 5: A section of swindlers were active in Rajshahi to misappropriate money from the clients by luring them of an windfall profit through investing their money in Multipurpose Co-operative Societies.
Most of the managers and owners of such MCS were escaping after misappropriating money from the accounts of the clients. Even, after filing several cases against these so-called MCS companies, the menace of these companies could not be checked. Getting trapped by these MCS companies, hundreds of simple, peace loving people are turning paupers.
According to Rajshahi Divisional Co-operative Office, there are at least 10,000 multipurpose companies in operation in Rajshahi division. Many of such companies are inactive but some companies which are still in operation were engaged in illegal activities of realising money from their members and were cheating them.
There are allegations that one prominent MCS company was engaged in cheating with its clients. Already it has managed to misappropriate over Tk 10 million from the account of the clients. Four branches of this MCS-Bagha and Durgapur of Rajshahi and Ishurdi and Tebunia of Pabna have already been closed as managers of those branches managed to escape with the deposits of the clients.
Managers of another institution misappropriated Tk 400 million (40 crore) from some 2,000 clients and managed to escape from Rajshahi. One more fake organisation entitled was closed as its managers and staff managed to escape with deposit of some Tk 50 lakh from the clients.
Meanwhile, Ahsan Kabir, Joint Registrar of Rajshahi Divisional Co-operative Office has admitted about the financial anomaly and misappropriation of money of the clients by some institutions registered by the Co-operative Office. He said, action will be taken against the irregularities of those institutions after conducting annual audit.
However, there are allegations that several hundred so called co-operative societies have been mushroomed in the city and surrounding upazilas by managing some dishonest officials of Co-operative office. But officials of divisional co-operative office rejected the allegation.
Mohammad Mesbahuddin Chowdhury, Deputy Commissioner of Rajshahi said, no one filed any complaint to him against the said institutions. He further said, operation will be conducted soon to close such illegal money-lending co-operative institutions.