Thursday, September 25, 2014

ACC launches investigation against MLM company

The Anti-Corruption Commission has launched an investigation into the allegation of Multipurpose Cooperative Society Ltd, a multi-level marketing (MLM) entity, misappropriating around Tk 82 crore of depositors' money.  

The commission yesterday appointed a three-member inquiry team led by its Deputy Director Jahangir Alam to carry out the investigation, said Pranab Kumar Bhattacharya, another deputy director.

Multipurpose Cooperative Society Ltd, founded by former maj gen Jalal Uddin Ahmed, collected around Tk 82 crore from about 1,500 depositors between 2005 and 2013 after assuring the depositors of paying them double the interest given by banks, said a top ACC official. 

Jalal also assured the depositors that the company would give interests to them in the first week of each month, and that they would be able to withdraw their deposits within 15 days of submitting applications, he added.

However, when depositors demanded their money back in 2012, Jalal promised to return the deposited funds by January 2013, he said, adding that Jalal failed to keep his word, but said he would return the money by July the same year.

Jalal again failed to give the money back, and has now gone into hiding, he added.

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