Sheba Ideas and Living Limited, an Uttara-based company operated with a multilevel marketing model, has laundered Tk16 crore, according to the Criminal Investigation Department of police.
The company also allegedly misappropriated around Tk57 crore, which it had collected from more than 2,000 clients in the name of providing flats within two years or double returns after a year. And that despite the fact that it had no approval from the authorities concerned for such projects.
The Ponzi-scheme based company was initially sued in February this year by several victims with Uttara Model Police Station. Following the case, the CID launched a primary investigation and found Tk16 crore to have been embezzled.
Later, the CID filed another case of money laundering against the four top officials of the firm – Chairman Ashiq Ghosh, Managing Director Kazi Md Nurul Islam, Deputy Managing Director Ayesha Akhter and Finance Director Shahnewaz Shamim – who had also been accused in the first lawsuit.
“We have filed a case of money laundering against the four as we found relevant evidence,” Azad Rahman, CID’s additional police superintendent, told The Business Standard.
Now the police are conducting further investigation, he added.
In the course of interrogation conducted by the CID, the four accused admitted that they received Tk39.55 crore from the clients. With the amount, they bought 42 katha of land worth Tk1.50 crore and repaid Tk22 crore to the clients in return.