Rahman, a native of Sadarpur village in Kushtia’s Kumarkhali upazila, established a financial intermediary named ‘Bishwas Savings, Credit & Co-operative Society Limited’ under the banner of the ‘Bishwas Foundation’ in 2006.

Commencing operations in the Alauddinnagar area, Rahman expanded his enterprise across neighboring districts, including Kushtia, Rajbari, Pabna, and Jhenaidah. His cooperative attracted thousands of depositors by offering schemes that promised to double invested capital over fixed tenures.

Over the years, the scheme accumulated nearly 200 billion Taka in public deposits. Investigations revealed that Rahman diverted these funds to acquire extensive personal assets, including land, residential properties, and vehicles across the country. In early 2023, field workers and clients grew suspicious and demanded the return of their investments. As pressure mounted, Rahman locked his commercial offices in November 2023 and went into hiding.

By early 2024, defrauded clients had filed approximately 124 cases of embezzlement and fraud against him in courts across Kushtia and adjacent districts. The courts subsequently issued arrest warrants against Rahman, ultimately convicting him in 12 separate cases.

Law enforcement first apprehended Rahman on 30 April 2024 at Hazrat Shahjalal International Airport in Dhaka as he attempted to flee the country. He was remanded to Kushtia District Jail. However, during civil unrest on 7 August 2024, Rahman escaped alongside 104 other inmates after breaching the prison’s main gate.

Sub-Inspector Sohag Shikder of Kumarkhali Police Station stated that tracking the fugitive presented significant challenges, as Rahman avoided using mobile devices and moved frequently between relatives’ residences in Narayanganj, Shahbagh, and Uttara. Police eventually pinpointed his location at his son’s apartment in Uttara after receiving intelligence through a neighbor.

News of Rahman’s rearrest prompted crowds of victims to gather outside Kumarkhali Police Station. Among them was Abdul Majed, 64, a retired garment worker from Rajbari who lost 1.15 million Taka—his entire life savings—to the scheme. Former employees also reported severe financial losses; Jahanara Khatun, an employee at the cooperative since 2013, entrusted 3 million Taka in personal savings and property sales to the firm, while Rahman’s niece Bina Khatun lost 300,000 Taka.

Officer-in-Charge of Kumarkhali Police Station, Jamal Uddin, confirmed that Rahman manipulated thousands through fraudulent financial promises before escaping custody. Authorities have advised the affected depositors to pursue formal legal channels to seek recovery of their funds.