Cooperatives swindle Tk 90.70b: TIB

Around Tk 90.70 billion of investors money was swindled out by cooperatives and money-lending organisations over the last one year, says a study of the Transparency International Bangladesh (TIB).
“According to news reports published in newspapers during March 10, 2013 to March 25, 2014, some 21 multiple cooperatives and lending associations misappropriated about Tk 90.70 billion of its .90 million members and investors,” the study says.
TIB deputy programme manager (research and policy) Mohammad Hossain and Nihar Ranjan Roy jointly unveiled the findings of the study at a press conference Tuesday.
The study was carried out at 11 upazilas in eight districts under six divisions and collected data from 37 cooperatives.
The study suggested updating the existing Cooperatives Rules to make the cooperatives effectively functional and ensure transparency in the cooperatives.