A long-sought fugitive co-operative society owner accused of absconding with approximately BDT 300 million in client deposits has been apprehended by law enforcement officers following a targeted raid in Barishal.
Biswajit Haldar Khokan, the proprietor of ‘Astha Loan and Co-operative Society Limited’, was detained on Sunday afternoon from the Kolartima-Kashipur enclave under the jurisdiction of the Barishal Airport Police Station. Khokan, the son of Bimal Chandra Haldar from Ganapatikathi village in Nesarabad Upazila, Pirojpur, had been evading law enforcement for an extended period following a series of judicial mandates issued against him.
Police records reveal that Khokan faces arrest warrants across six separate court proceedings, primarily stemming from Complaint Register (CR) cases brought forward by aggrieved investors. Amongst these proceedings, courts have already convicted and sentenced him in five distinct cases, whilst a general warrant remained outstanding in a sixth matter.
The ‘Astha Loan and Co-operative Society Limited’ had gathered substantial capital from around 2,000 local members who deposited their personal savings under expectations of financial growth and security. Distrust began when the organisation abruptly halted its operations, leaving members unable to access either their principal capital or any accumulated returns.
Financial irregularities and sudden default within grassroots micro-credit and co-operative enterprises remain a recurring challenge across regional Bangladesh. Rural and semi-urban depositors frequently rely on local credit societies due to limited access to traditional commercial banking channels. When these informal institutions collapse or their management absconds, low- and middle-income households face severe financial vulnerability, often with limited immediate avenues for monetary recovery.
The arrest was executed by a specialized team from the Nesarabad Police Station, led by Assistant Sub-Inspectors Md Riad Hasan and Md Shaon, acting on precise intelligence regarding Khokan’s whereabouts in the Barishal Airport area.
Confirming the arrest, Officer-in-Charge of Nesarabad Police Station, Md Mehedi Hasan, stated that Khokan had deliberately remained in hiding following the issuance of the warrants. Police confirmed that upon completion of initial statutory procedures, the accused is scheduled to be presented before the court on Monday morning.
While news of the arrest has drawn intense interest from affected depositors hoping to reclaim their life savings, authorities have not yet released specific details regarding the society’s liquid assets, current financial state, or mechanisms for potential asset recovery. Further clarity on potential financial restitution is expected as judicial proceedings progress.
