The Appellate Division of the Supreme Court (SC) has cleared the way for investors of the multi-level marketing company UniPay2U to get their money back.
The court on Tuesday directed the transfer of Tk 4.2 billion deposited in a UniPay2U account at BRAC Bank's Elephant Road branch to the government exchequer. Investors can then apply to the authorities to reclaim their dues, subject to verification.
A four-member bench of the Appellate Division, headed by Chief Justice Obaidul Hassan, issued the directive after disposing of a petition filed by the Anti-Corruption Commission (ACC) regarding the transaction. Barrister Aneek R Haque represented five investors in the hearing, while lawyer Khurshid Alam Khan appeared for the ACC.
"Many people invested in UniPay2U," Mr Haque said later. "The court traced TK 4.2 billion belonging to UniPay2U in a BRAC Bank account. The court has ordered the transfer of this money to the government exchequer."
The court also directed the government to publish a newspaper notice in accordance with Section 18 of the Money Laundering Prevention Act, he added.
The section elaborates on the 'return of confiscated property'.
After publishing the notice, Mr Haque said UniPay2U investors will have 30 days to file applications for their dues. The relevant authorities will make decisions after scrutinising the applications.
Accounts of the UniPay2U were frozen in 2010 and cases were filed against the organisation in 2011. However, in 2012, some of the investors secured a decree to get back their money. Later the decree execution court refused to execute the decree as it found the accounts frozen.
The investors then moved the HC and filed a revision petition against the order of the decree execution court. Upon hearing on the civil revision petition a High Court bench asked the authorities concerned to pay back the money of the investors who secured the decree for Tk 656.5 million.
The High Court bench passed the order without hearing the ACC. In this situation, the ACC filed a petition with the Appellate Division against the HC order. Upon primary hearing on the ACC petition, the Appellate Division issued a stay on the HC order and granted leave for a detailed hearing on the matter.
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