The Criminal Investigation Department (CID) of the Bangladesh Police has arrested the Deputy Managing Director (DMD) of a real estate firm for his alleged involvement in the embezzlement of approximately BDT 120 crore (approximately £11 million). The suspect, identified as 54-year-old Haidar Kabir Mithun, served as the DMD of Holistic Home Builders Limited. The arrest was formally announced in a CID press release issued on Sunday.
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Details of the Arrest
According to the CID, Mithun was apprehended at Hazrat Shahjalal International Airport in Dhaka late Friday night. The operation was conducted with the assistance of immigration police upon his return to the country from abroad. The arrest pertains to a specific fraud case filed at the Uttara East Police Station.
Investigators revealed that Mithun had been in hiding since the litigation commenced. To evade law enforcement, he reportedly deactivated his mobile phone and fled the country. The CID further confirmed that the suspect faces multiple other allegations of fraud, with several arrest warrants already issued by courts in relation to cases filed at the Uttara East and Uttara West police stations.
Methodology of the Fraud
The First Information Report (FIR) details a systematic approach to defrauding investors. Holistic Home Builders Limited allegedly advertised a project involving the construction of a nine-storey building on a 1.65-decimal (10 katha) plot of land near the Uttarkhan Police Station. The company marketed 36 investment shares for this project, pricing each share at BDT 15 lakh.
Lured by these investment prospects, numerous individuals visited the company’s office in Uttara Sector-4 to deposit funds. The investigation cited specific instances of loss:
In April 2023, one client initially invested BDT 1 lakh, eventually paying a total of BDT 12.80 lakh in instalments.
An associate of the aforementioned client invested an additional BDT 9 lakh during the same period.
While the company provided money receipts and security cheques in exchange for the capital, they failed to execute the legal registration of the land as promised.
Scale of Embezzlement
Further investigations by the CID uncovered that the scope of the scam extended beyond a single project. The firm reportedly used rented three-star hotels in various parts of the capital and non-existent land shares in different mouzas (administrative districts) to defraud approximately 470 customers.
| Category | Details |
| Principal Entity | Holistic Home Builders Limited |
| Primary Suspect | Haidar Kabir Mithun (DMD) |
| Total Estimated Loss | BDT 120 Crore |
| Total Defrauded Clients | Approximately 470 |
| Initial Share Price | BDT 15 Lakh per unit |
| Key Project Location | Uttarkhan, Dhaka |
Threats and Corporate Avoidance
When victims attempted to reclaim their investments, they were reportedly met with intimidation and threats. It was subsequently discovered that the company’s Managing Director, Md. Shishir Ahmed, had gone into hiding.
In a significant development, a new Board of Directors was formed within the company. This new board issued a formal statement declaring that they would not accept any liability for financial transactions conducted between June 2022 and September 2024. This period aligns with the timeframe during which the majority of the alleged embezzlement occurred.
The CID has confirmed that as the DMD, Mithun was directly responsible for collecting funds and managing the fraudulent schemes. Authorities are continuing their efforts to bring all parties involved in the multi-million-pound scam to justice.