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Unipay2U facing troubled waters in Bangladesh

Unipay2U facing troubled waters in Bangladesh

Tough times coupled with the promise of a quick buck are a perfect formula for companies wishing to make a boatload of money from unsuspecting investors. Word is that Unipay2U a multilevel marketing company in Bangladesh is facing a legal battle with government officials after allegedly operating illegal economic activities in the country.

Dhaka, Jan 25 ( — The Anti-corruption Commission (ACC) has sued the top officials of multi-level marketing company Unipay2U on money laundering charges.

ACC assistant director Toufiqul Islam filed the case against the company’s chairman Shadizzaman Shahin and managing director Muntasir Hossain, with Shahbagh police on Tuesday.

It has been learnt that the officials lured people to invest in their company with promises of unnaturally high profits through their investments in ‘virtual gold.’

The ACC case alleges that the company had not completed the legal formalities to operate such transactions.

The case details stipulate that between November 2009 and September 2010, Unipay2U managed to pool a fund of Tk 261,203,207 from the general people through their deposits in the New Market branch of City Bank, Narayanganj branch of NCC Bank, and Elephant Road branch of BRAC Bank.

According to the case details, Unipay2U is registered under the Registrar of Joint Stock Companies and Firms as an entity dealing with export, import and multi-level marketing under the Companies Act 1994.

The Joint Stock of Companies reports that there are 70 such firms in Bangladesh.

Dhaka, Feb 6 ( — The High Court has turned down the petition challenging a court order asking for the closure of 110 bank accounts of Chittagong-based multi-level marketing company Unipay2u.

The bench of justices A H M Shamsuddin Chowdhury and Sheikh Mohammad Zakir Hossain on Sunday gave the order following the petition filed by the organization’s managing director Mohammad Muntasir Hossain and director Shahiduzzaman.

Rokon Uddin Mahmud and Shah Manjurul Haque argued for the petitioners, while Anisul Haque and Abdul Aziz Khan for the plaintiff, the Anti-corruption Commission.

A Dhaka court on July 6 last year ordered the closure of 110 bank accounts of Unipay2U.

The High Court on Aug 26 last year stayed the lower court order following the petition.

The High Court’s Sunday order, however, upheld the previous court order.

It was said last month that the multi-level marketing company Unipay2U was creating image crisis for the government through disseminating false information.

On Jan 16, a government circular said legal action would be taken against the organization.

Story courtesy of

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