DHAKA, May 5, 2026 (BSS) - The Criminal Investigation Department (CID) has arrested a member of an organized fraud ring accused of embezzling around Taka 400 crore from the public through a fake investment scheme named "Nazran Fisheries and Agro Project."

The arrested person, Md. Obaidullah (33), was apprehended from the Basabo area under Sabujbagh police station in Dhaka by a team of CID's Dhaka Metro North unit, according to a press release.

According to investigators, the syndicate lured victims with promises of high interest, claiming that an investment of Taka 100,000 would yield Taka 3,000 monthly returns and double within 33 months. Victims were also pressured into further large amount of investment and plot purchases.

The CID sources said initial findings from bank accounts, receipts, and server data suggest that thousands of victims invested an estimated Taka 400 crore in the fraudulent project. 

The accused alone reportedly handled transactions of around Taka 2.5 crore across 14 personal bank accounts.

After collecting large sums, the fraudsters shut down their office and went into hiding. 

Obaidullah was arrested following intelligence-led tracking and technical analysis.

The CID officials confirmed that multiple cases have been filed against the accused, and drives are ongoing to apprehend other members of the syndicate. 

The authorities have urged the public to remain cautious and verify credentials before making any investments.