In 2010, Shah Alam formed a Shariah-based financial organisation called Shah Sultan Multipurpose Financial Institute in Ghoradia area of Chinishpur union under Narsingdi Sadar upazila.
During RAB interrogation, Alam said that his company had over 300 employees who were hardly paid. Besides he formed an executive body of 24 members and 20 directors who ran four companies under the organisation.
They used to collect money from customers through DPS on a monthly basis promising high profit. So far, they have collected around Tk two billion.
When the depositors, hard-hit by Covid-19, started asking for their money back, the organisation closed the office and the staff went underground, the media release said.
Omar Farooq, managing director of the company and Masood Rana, deputy managing director of the company bought 5-6 acres of land in different places of Narsingdi with the investors' money.
Besides, they bought 7-8 acres of land for the company, they said during the interrogation.