Photo: BSS

NAOGAON, June 2, 2026(BSS) - For the years, elderly fruit vendor Abdul Rahman dreamed of replacing his modest tin-roofed house with a permanent home. The savings he accumulated over a lifetime of hard work were entrusted to a local cooperative society that promised attractive returns and financial security.

Today, those dreams are fading as Rahman is among more than 300 depositors in the district who fear they may never recover their money as a private cooperative organization, Udayer Pothe Multipurpose Cooperative Society Limited, allegedly shut down its operations and disappeared with nearly Taka 40 million in customer deposits.

The sudden closure of the cooperative has left hundreds of families in uncertainty, with many depositors saying they invested their life savings, funds for their children's education, marriage expenses, medical expenses, or future home construction.

Located at Dhamkuri village under Boalia Union of Sadar Upazila, the institution had operated for more than three decades. According to local residents, the NGO led by its Director Asaduzzaman Titu and Assistant Manager Masud Rana Bidyut, collected savings, deposit pension scheme (DPS) contributions and fixed deposits from villagers, often promising returns of Taka 2,000 per month for every Taka 100,000 deposited.

The promise of high profits attracted many rural residents, particularly those with limited financial literacy. Over time, villagers entrusted the NGO with substantial sums, believing their money was secure.

However, concerns began to emerge after the COVID-19 pandemic, when the depositors reported delays in receiving profit payments and difficulties in withdrawing their funds. Despite repeated assurances from the management, the situation reportedly worsened.

Now, with the office locked and key officials unreachable, depositors say they have been left devastated.

Dreams shattered

Seated beside his ailing wife, Abdul Rahman described how he deposited Taka 300,000 with the cooperative nearly five years ago.

“I am no longer able to work because of illness and my wife is physically disabled and requires treatment,” he said, adding, “I trusted the organization because it was located near my home. They told me the profit from my savings would help me build a house. Now the money is gone and I cannot even afford my wife’s medical expenses.”

For garment worker Sima, the loss represents years of sacrifice and concern for her children’s future.

“The director was once my teacher,” she said. “I trusted him and deposited Taka 200,000 for my daughter’s future and marriage expenses. I never imagined I would be deceived in this way. That money was earned through hard working and long hours,” she added. 

Another depositor homemaker Marufa Bibi said she invested Taka 70,000 with the organization nearly seven years ago. After being diagnosed with breast cancer, she attempted to withdraw a part of her savings for treatment.

“They refused to return my money and treated me badly,” she recalled. “Eventually they gave my husband Taka 20,000, but the remaining amount was never returned. Now they have disappeared.”

 Warning signs ignored

Local resident Ashraful Islam said the cooperative initially appeared to operate successfully and enjoyed the confidence of villagers.

According to him, problems became noticeable after the pandemic. Although the field workers continued collecting deposits, customers were no longer receiving loans or expected returns on their investments.

At one stage, representatives of the organization reportedly met with depositors and explained that profit payments would be suspended for a year while customer funds would be repaid gradually. Many depositors accepted the proposal, hoping that the institution would recover. Instead, they say, the organization ceased operations entirely.

A visit to the cooperative’s headquarters on Monday found the office is locked. Efforts to contact with director Asaduzzaman Titu and assistant manager Masud Rana Bidyut at their residences were unsuccessful, as no family members or representatives were available for comment.

Authorities yet to receive formal complaints

Naogaon Sadar Upazila Cooperative Officer Jahangir Alam said his office had conducted an audit inspection of the cooperative earlier this year. “At the time of the audit, the organization failed to submit the required documents,” he said.

According to Alam, a notice recommending cancellation of the cooperative’s registration had been issued about 15 days ago. However, he added that he was not aware of the organization fleeing with depositors’ money and that no formal complaint had yet been filed with his office.

 As uncertainty deepens, affected families are urging authorities to investigate the alleged fraud, trace those responsible and recover the missing funds.

For many at Dhamkuri village, the issue extends beyond financial loss. It is a story of trust broken, hopes shattered and vulnerable rural families facing an uncertain future after entrusting their hard-earned savings to an institution they believed that it would safeguard them.