Tk 1.65 cr embezzled, accused arrested

The Police Bureau of Investigation (PBI), Narayanganj district, has arrested Md Mostafa Asad (25), second named accused in a case of embezzlement and fraud of Tk 1,65,80,645 (about Tk 1.66 crore) in the name of maize trading, filed at Fatullah Police Station.

The case was investigated under the direction of PBI chief and Additional IGP Md Mostafa Kamal, with the overall assistance of Md Mostafa Kamal Rashed, BPM, Superintendent of Police and unit in-charge of PBI Narayanganj.

A team led by the investigating officer, Sub-Inspector (Unarmed) Apu Dey, arrested the accused on the night of 28 September 2026 from Andulbaria under Jibannagar Police Station in Chuadanga district, acting on technical and intelligence information.

According to the case statement, the complainant already had a business relationship with the accused Abdul Latif Biswas (65) and his son Mostafa Asad (proprietor, Asad Agrotech Limited).

The accused jointly offered high profits through collecting, storing and selling maize. The complainant agreed and signed a contract on 24 May 2024.

Under the contract, the complainant deposited Tk 8,83,62,530 (about Tk 8.84 crore) into the Agrani Bank account of Asad Agrotech Limited. Afterwards, the accused did not return the Tk 1,65,80,645 owed to the complainant and began stalling. When the complainant asked for the money, they threatened his life.

A case (No. 58) was filed at Fatullah Police Station over the incident, and the PBI took over the investigation on its own initiative.

After the arrest, the accused was taken into police remand on the order of the court. During interrogation, he admitted that he and his father had colluded to embezzle the complainant’s money fraudulently.

It is also noted that the first accused, Abdul Latif Biswas, is accused of several similar offences at Jibannagar Police Station in Chuadanga. Efforts to arrest the absconding first accused are continuing.