12-yr jail term for six Unipay2u bosses

FE Team | Published: January 24, 2019 00:07:41

A court has handed down 12-year sentences to six individuals, including the chairman and the managing director of Unipay2u Bangladesh, for money laundering, reports bdnews24.com.
Dhaka's Third Special Judges Court Judge Abu Syed Diljar Hussain issued the order on Wednesday.
The Anti-Corruption Commission case involving top officials of Unipay2u, a multilevel marketing company, was filed eight years ago.
Of the six, three were present in court when the verdict was delivered.
Those convicted on Wednesday are Unipay2u Chairman Md Shahiduzzaman Shahin, Managing Director Md Muntasir Hossain, Executive Director Masudur Rahman, General Manager AM Jamshed Rahman, adviser Manjurul Ehsan Chowdhury and Uniland Director HM Arshad Ullah.
Of them, Shahiduzzaman, Masudur and Manzurul are fugitives.
The case was filed by ACC Assistant Director Toufiqul Islam on January 25 of 2011.
Unipay2u went into multilevel marketing after registering with the Registrar of Joint Stock Companies and Firms, according to the case details.
The company's officials broke rules when they began drawing funds from the public, luring them with promises of fast profit to be made through 'virtual gold' investments. The fraudulent company pulled in Tk 2.46 billion in deposits from clients through City Bank's New Market branch, NCC Bank's Narayanganj branch and Brac Bank's Elephant Road branch between November 2009 and September 2010.
Unipay2u Managing Director Md Muntasir Hossain and Chairman Shahiduzzaman Shahin set aside over Tk 250 million for 'personal expenses', which is punishable under the money laundering law.