Century Group accused of defrauding buyers in plot and hotel sales in Kuakata
Customers who paid the full price for land in Century Kuakata Model Town in Kuakata, Patuakhali, in 2016 are still waiting to receive their promised plots even in 2026.
Instead of handing over the plots, Century Group allegedly charged several times the official government registration fees, included land from different mouzas (revenue villages) in registration deeds without consent, and repeatedly demanded additional payments beyond the original agreement.
Complaints have emerged against MGR Nasir Majumdar, owner of Century Group, accusing him of deceiving customers by promising ownership of residential plots and hotel shares while capitalizing on Kuakata's tourism potential. Through glossy advertisements promoting planned housing, hotel ownership shares, and a theme park, customers were allegedly lured into an elaborate investment trap.
The company's three flagship projects are:
• Century Kuakata Model Town
• Century Gold Coast Hotel & Spa
• Century Treasure Island & Butterfly Park
Among them, only the Century Gold Coast Hotel & Spa has seen noticeable construction progress. The other two projects largely remain confined to paperwork and digital promotional animations.
Harassment Despite Full Payment
In February 2010, customers booked five-katha residential plots in Century Kuakata Model Town at BDT 154,350 per katha. More than a year later, in May 2011, the company handed over the formal agreement.
According to the contract, buyers paid 72 monthly installments of BDT 11,025, completing the total payment of BDT 793,800 by June 2016.
Despite receiving the full payment, Century Group allegedly subjected customers to various forms of harassment through deceptive contractual practices.
Many customers, fearing future retaliation, declined to publicly reveal their identities while speaking with Asia Post. They said that even slight delays in installment payments resulted in hefty penalties. Some claimed they were forced to bribe company officials simply to reduce these fines.
One victim told Asia Post that after missing an installment payment deadline, he paid BDT 20,000 as a bribe to company officials to "resolve" the issue. Despite paying the bribe, he was still charged an additional BDT 31,163 in penalties. Asia Post says it possesses detailed documentation supporting such complaints.
Excessive Charges for Development and Registration
Although customers completed payment for their plots in 2016, their ordeal did not end there.
In November 2021, Century Group allegedly collected an additional 15% development charge, amounting to BDT 119,070 from each customer.
Registration brought further financial burdens.
Although the plots had been fully paid for in 2016, registration was delayed for eight years, finally taking place in 2024. At that time, each customer was charged BDT 230,912 as a registration fee.
However, under Bangladeshi regulations, government registration fees generally range between 10% and 12.5% of the value stated in the deed. Based on that calculation, the official registration fee for the plot should have been approximately BDT 37,875.
This means Century Group allegedly collected nearly BDT 200,000 more than the official government fee.
Allegations of Fraud and Missing Plots
After registration, customers say an even larger problem surfaced.
The company allegedly failed to identify or hand over the actual plots specified in both the contracts and registration deeds.
One such victim, referred to under the pseudonym Anisur Rahman, purchased a plot in Century Kuakata Model Town.
He had selected Plot No. 19 in a sector located within Gangamati Mouza. However, after registration, Century Group was unable to show him the plot specified in the deed. Even today, he has not received possession of any clearly demarcated piece of land.
Speaking to Asia Post, Anisur Rahman said, "In 2010, three of us booked a total of 15 kathas of land—five kathas each—hoping to secure our retirement years. Although we paid the full amount in 2016, Century Group delayed the registration for years. They finally completed the registration in 2024, but they still haven't handed over the plots we originally booked. It is now June 2026, yet we have not received our land. Instead, they continue demanding additional payments in various ways."
He further alleged, "Because I was late in paying some installments, they imposed nearly BDT 100,000 in penalties. To reduce those fines, Century Group's DGM, Mr. Toufiq, accepted a BDT 20,000 bribe from me."
New Financial Demands
Despite failing to hand over the promised land, Century Group has continued to demand additional payments from customers in several installments.
The company is now demanding BDT 60,000 from each customer for the mutation (land ownership transfer) process. However, under government regulations, the official cost of mutating ownership for a five-katha plot is only BDT 1,130.
In addition, Century Group is demanding another BDT 150,000 per customer for constructing the boundary wall around the project.
Findings from the Field Investigation
During an on-site visit to the Century Kuakata Model Town project area, no evidence of a modern planned township could be found.
The planned residential plots, roads, and civic amenities prominently advertised in promotional materials have no visible existence on the ground. A large portion of the project area still consists of ordinary agricultural paddy fields.
Century Gold Coast Hotel
Century Group sold ownership shares in what it described as the Century Gold Coast Hotel & Spa, claiming the hotel would be built on 50 decimals of land in Kuakata.
Initially, investors were told the building would be 16 stories high. However, after construction reached the 14th floor, the company informed investors that no additional floors would be built.
Although promotional materials claimed the project occupied 50 decimals of land, the hotel building itself has actually been constructed on only 17 decimals. The company says the remaining 33 decimals will be used as a parking area.
Out of a total of 5,000 shares, Century Group retained 2,500 shares for itself and planned to sell the remaining 2,500 shares to public investors.
Company representatives claim that approximately 1,900 shares have already been sold.
The share prices have steadily increased:
2016: BDT 151,000 per share
2018: BDT 199,000 per share
2021–2022: BDT 350,000 per share
Early 2026: BDT 700,000 per share
May 2026: Reduced to BDT 560,000 per share
Repeated Delays in Project Handover
Construction is currently ongoing on the roof slab of the building's 14th floor.
However, Century Group's original promotional brochure promised project handover in 2021.
Customers who booked shares in 2018 for BDT 160,000 each received contracts stating that the hotel would be handed over in 2022.
The company later revised its promotional materials, postponing the completion date to 2024.
Yet by mid-2026, the project still had not been handed over. Investors have neither received their ownership deeds nor any registered sub-deeds.
Investor Complaints
One expatriate investor, speaking anonymously to Asia Post, said, "I invested my retirement savings and hard-earned money in purchasing shares of the Gold Coast Hotel. The company had promised to complete construction by 2022, hand over the shares, and begin paying dividends. But four years later, the hotel itself is still unfinished. Forget dividends—they haven't even given us our ownership deeds."
Century Treasure Island
Century Group is also selling shares in another project called Century Treasure Island Hotel & Butterfly Park.
The company claims it will build a 14-story hotel on 81 decimals of land, and has collected money from investors on that basis.
However, there is no visible evidence that construction of this project has even begun. Out of a total of 25,000 shares, only 500 shares have reportedly been sold.
Each share is currently being marketed at BDT 700,000, with the company promising to hand over the project by 2030.
Complications Involving Both Hotel Projects
Earlier promotional brochures promised that each shareholder would receive five nights and six days of complimentary hotel accommodation every year.
This benefit has since been quietly removed from the company's latest promotional materials.
Another controversy surrounds the 33 decimals of land designated for parking outside the hotel compound. Century Group reportedly sold ownership interests in this same parcel of land under both the Century Gold Coast Hotel project and the Century Treasure Island project.
Later, the company altered its marketing strategy by linking the two developments together and offering investors ownership in both hotels through a single share.
Despite these complexities, Century Group has reportedly never held any semi-annual or annual general meetings with investors, nor has it regularly disclosed business information or project updates.
What the Victims Say
Customers say they invested hundreds of thousands—and in many cases millions—of taka, attracted by the company's polished advertisements and ambitious promises.
Years later, however, they say they feel cheated because:
the projects remain unfinished;
ownership deeds have not been delivered;
promised benefits have been repeatedly withdrawn; and
company management has failed to provide satisfactory explanations.
One anonymous investor told Asia Post, "When I visited Century's office and warned that I would seek legal action because my plot had not been handed over, they bluntly told me that if I pushed the matter too far, my deed would simply be cancelled. I'd lose everything. That's why I never went to court. Even now, if my identity becomes public, they may secretly retaliate against us."
Legal Expert's Opinion
Corporate law expert Advocate Md. Sabuj Hossain told Asia Post that the company's business model appears to violate legal requirements.
According to him, there is no legal provision allowing companies to sell tiny ownership shares—such as 10 to 25 square feet—in hotel or resort projects without clearly identifying the specific land or its legal boundaries.
He described such practices as fraudulent.
He further explained that under Bangladesh's Companies Act and securities regulations, no company may raise funds from the general public or allocate shares without prior approval from the Bangladesh Securities and Exchange Commission (BSEC) through an Initial Public Offering (IPO) or a Qualified Investor Offer (QIO).
Furthermore, any company intending to sell shares to the public must be incorporated as a public limited company.
Century Group's Response
Century Group's Deputy General Manager, Toufiq Chowdhury, denied all allegations.
Speaking to Asia Post, he simply said, "These allegations are false."
When Asia Post contacted MGR Nasir Majumdar, Managing Director of Century Group, by telephone, he disconnected the call after learning the caller was a journalist. Subsequent calls went unanswered.
When contacted later through WhatsApp regarding the allegations, he responded, "We are not the kind of bad people you are saying or thinking we are. I am ill. Please pray that, before I die, I may be able to return what is owed to people."