DO forgery halts trading in Ctg sugar market

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Chittagong Office
Selling and buying of sugar at the Khatungonj wholesale market in the port-city was suspended Thursday following a detection of fraudulence in sales of delivery order (DO) of over 300 tonnes of sugar worth about Tk 15 million.
Traders of Khatungonj said the forgery occurred with the DO of the City Group, one of the country's major sugar dealers, and the brokers involved in the case have gone into hiding.
The members of Khatungonj Trade and Industries Association discussed the issue with the City Group officials in two urgent meetings on Thursday evening, but could not come to any solution.
Mahbub Alam, president of the association, said anybody found involved in such act would be severely dealt with. He said the City Group has been issuing computerised DOs for the last few years to avoid such fraudulence, and they are also stunned at the present occurrence.
Traders said the frauds have applied such tricks that fraudulence could not be thwarted even by applying computer technology. They also said the original and forged DOs have the same number, which is detected for the first time in Chittagong.
One trader said it takes about one month to take delivery of sugar from the mills after having the DO. This time is enough for forgery. In this way a number of small and medium dealers have gone bankrupt.