Unipay2U Distributor Charged With Misappropriating Funds
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December 31, 2012 -- The Anti-Corruption Commission in Chittagong, Bangladesh has filed charges of misappropriating funds against a distributor of Unipay2U, several of his relatives and a bank official.
The accused are Unipay2U distributor Hamidul Haque Manik, his brother Kamal Hossain, sister-in-law Forkan Ara Begum, father-in-law Abdul Gofur, cousin Ayesha Begum and Jahangir Alam, an assistant officer of First Security Islami Bank.
The Bangladeshi government suspended operations and froze the bank accounts of Unipay2U in January 2011 after investors demanded their money back from the company, which launched in 2009 with promises that investors in the company would receive double their investment in 10 months. Unipay2U's managing director and general manager were arrested on charges of swindling investors in May 2012.