More than 2,300 depositors in Rajshahi’s Bagmara upazila have been left in severe distress after 18 local cooperatives vanished with nearly Tk 95 crore in savings. Families who had deposited their lifetime earnings are now struggling with no clear path to recovery.
One of the victims, 56-year-old Khodeza Begum of Ekdala village, had saved Tk 4 lakh over many years by working in households and raising poultry. She dreamt of building a small brick home for her old age. Convinced by promises that her money would double, she deposited her savings in a cooperative. Before the maturity period even arrived, the operators disappeared, leaving her without a single taka.
Her story reflects the situation of thousands of others. Many had deposited money after being lured with unusually high profit promises—some monthly, some annual, and some with offers of doubling the amount within five years. Initially, profits were paid regularly, creating trust. This year, the cooperatives began delaying payments and eventually shut their offices overnight.
The Upazila Cooperative Office confirmed that although 303 cooperatives were registered in Bagmara over the years, widespread complaints led to the cancellation of 68 registrations. In total, nearly 100 have now been blacklisted. Officials explained that after 2018, the registration process became easier, allowing opportunistic groups to set up cooperatives, collect deposits, and then flee.
The affected cooperatives include At Tizara, Alor Bangla, Al-Baya, Tora Foundation, Mohona Welfare Society, Swachhota Samiti, At Tabara Teachers’ Welfare Association, Al Aksa, Amena Foundation, Nodi Cooperative, Chanpara Development Society, Safollo Foundation, Sonali Shokal, Salema Cooperative, Messenger Savings & Credit, Jonopriyo Savings & Credit, Golden Star Cooperative, Agrani Cooperative, and Swonirbhar Savings & Credit. Depositors claim these organizations took anything from a few lakh to several crore taka before disappearing.
Several victims have filed complaints and cases, but progress has been slow. Some directors have been arrested, though a few secured bail and vanished again. Others who remain in hiding admitted to The Daily Corporate that the depositors’ funds are still with them but claimed they cannot repay due to losses in various business ventures. One director said they needed “more time” to return the money.
Local authorities acknowledge serious regulatory failures. The Upazila Cooperative Officer noted that many of the cooperatives collected deposits using approvals from multiple agencies and bypassed cooperative rules. Bagmara’s UNO Mahbubul Islam said legal steps are underway, but thousands of families continue to wait anxiously, uncertain whether they will ever recover their hard-earned savings.
