Chairman and owner of Fareast Islami Multi Co-operative Society Limited (FICL) Shamim Kabir has been arrested on money laundering and embezzlement charges.
The Criminal Investigation Department (CID) arrested him from Jointapur area of Sylhet on early Monday.
There are 28 cases, including some under the Money Laundering Prevention Act, against Shamim, said Special Police Superintendent of CID Molla Nazrul Islam.
“He has so far embezzled Tk300 crore from FICL’s 20,000 depositors,” he added.
During the primary investigation, Shamim Kabir has confessed to his crime, said CID sources.