The government formed a committee Thursday for submitting a report to help refund money of the deprived members of Jubo Karmasangsthan Society (Jubok) by September.
"We formed a committee with the responsibility of assessing recommendations of the Jubok Commission," Commerce Secretary Hedayetullah Al Mamoon told the FE after an inter-ministerial meeting at the ministry of commerce (MoC).
He said the committee will scrutinise the legal aspects of the recommendations, so that the deprived people can get back their money.
MoC joint secretary Md Abdul Mannan is the head of the seven-member committee, where officials of other ministries are also involved.
The government now wants to repay the Jubok members' deposited money to them by selling its assets worth Tk 25 billion.
The cooperative, in the name of paying high profit, lured over 0.3 million people, mainly youths, to collect a huge sum of money. The ill-fated people have been waiting for years to get back their hard-earned money because of lack of proper initiatives by the authorities concerned.
The Jubok Commission, headed by former bureaucrat Rafiqul Islam, submitted a report to MoF in March last year.
They suggested appointment of an administrator for better management of the cooperative's assets. Besides, amendment of criminal law, the Money Laundering Act, and the Inquiry Act of 1956 were among the recommendations of the commission.
Earlier, the government formed another commission, headed by former central bank governor Mohammad Farashuddin.
The government suspended operations of Jubok in 2006, following allegations of carrying out banking activities illegally by collecting deposits from its members.
The cooperative invested in a number of sectors, like - bank, housing, telecommunications, real estate, tourism, health, agriculture, education and media.
Body formed to scan legal aspects
FE Report | Published: August 22, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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