FE Report
The Bangladesh Bank (BB) has started investigating an alleged misappropriation of funds by the First Solution Money Transfer Ltd., a London-based company, which had maintained contacts with some local banks for money transfer.
"We have taken steps to protect the interest of local beneficiaries," BB Governor Salehuddin Ahmed told the FE Sunday.
He also said officials of the central bank and nine local commercial banks, which had drawing arrangements with the company, will sit today (Monday) to discuss the issue.
Sources, however, said the central bank did not issue licence to the company for operating the money transfer business. It has already informed the Bangladesh High Commission in London about the matter.
According to British media reports, the money transfer company has closed down all its branches after misappropriating a large amount of fund sent by Bangladeshis living in Britain to their relatives at home.
George Galloway, local MP of Bethnal Green and Bow areas in East London, sent a letter to the London Metropolitan Police authorities requesting them to take necessary punitive measures against the company.
He also demanded an inquiry into the misappropriation of thousands of pounds by the company chairman.
BB probing misuse of funds by UK-based co
FE Team | Published: July 02, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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