Case filed against 17 real estate companies for plot fraud
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The Criminal Investigation Department (CID) of police has filed a case under the Money Laundering Act against 17 real estate companies for allegedly swindling crores of taka from the general public under the pretext of plot allocation. The CID confirmed this in a press release sent today (Wednesday).
The CID said some real estate companies took money but did not hand over the promised plots, and instead transferred and converted those funds through various entities. Among those implicated are Bestway Land Properties Ltd's Managing Director (MD) Mizanur Rahman, Chairman Tania Sultana Tanvi, Director Md. Momen, and 17 related companies.
CID Additional Police Superintendent (Media) Abu Taleb said that a long-term investigation by the Financial Crime Unit has found preliminary evidence that at least 37 customers were defrauded of 7 crore, 2 lakh, 67 thousand, 604 taka. However, the customers were neither given the promised plots nor refunded their money. A case was filed at Banani Police Station on July 21 under the Money Laundering Prevention Act in this regard.
The CID investigation revealed that between 2010 and 2014, the companies collected money in installments from the general public through attractive advertisements for selling plots in various areas of Rupganj, Narayanganj, including Bholab, Tarail, Birab, and Mochartaluk. Although customers were given sub-kabala (temporary title) deeds as assurance of the plots, in most cases the actual plots were never transferred.
The CID claims that a large portion of the money collected through fraud was transferred, handed over, and converted into bank accounts operated under the names of various entities linked to the accused. During the investigation, 82 bank accounts of 17 companies were reviewed, revealing deposits of 359 crore, 2 lakh, 71 thousand, 945 taka and withdrawals of 358 crore, 54 lakh, 37 thousand, 102 taka between 2010 and 2014. Additionally, the investigation found information on a total of 2,713 sub-kabala registration deeds from the 2010-2014 period, which were given to customers as collateral or guarantees.
Abu Taleb said that the investigation is currently examining the actual amount of money collected through fraudulance, the source and destination of the funds, the patterns of money transfers through bank accounts, and whether any other individuals or companies are involved in this case. At the same time, efforts are ongoing to identify more victims of the fraud and determine the extent of their losses.
To avoid such deception, the CID has urged the public to verify the registration of the concerned company, land ownership, project approvals, and the legality of financial transactions before investing in any housing projects.
