Unipay2U News and Press Releases
Unipay2U News |
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Unipay2U Distributor Charged With Misappropriating Funds Unipay2U Chairman and Managing Director Sued Arrest Warrants Issued for 42 UniPay2U Officials Another Unipay2U Director Arrested For more information on Unipay2U including the company's current rank in our home business index, please click here. |
Unipay2U Distributor Charged With Misappropriating Funds |
Npros.com | 1/1/2013 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. |
Unipay2U Chairman and Managing Director Sued |
Npros.com | 6/14/2012 June 14, 2012 – The chairman, managing director and three other executives of Unipay2U were sued in Bangladesh on Thursday for embezzlement. The plaintiff in the case alleged that the defendants embezzled his money with the promise of repaying it with double interest within a year.Several fraud cases have been filed against Unipay2U officials after the media reported its illegal financial dealings, and the company's chairman, managing director and general manager are currently in jail. Unipay2U allegedly made bank transactions without fulfilling some prerequisites and did not have a security deposit with Bangladesh's central bank, which is required for ensuring investors' interest. |
Arrest Warrants Issued for 42 UniPay2U Officials |
Npros.com | 6/5/2012 A court in Bangladesh has ordered the arrest of 42 officials of Unipay2U by July 26 on charges of misappropriating funds, including the company's founder and owner, Magandam Gam Gam James.The arrest warrants were ordered after six plaintiffs filed cases against UniPay2U, alleging that its executives had embezzeled their money while promising to pay them back double the amount within 10 months. Twelve of UniPay2U's executives, including James, Chairman Sahiduzzaman Sahin, and Managing Director Muntasir Hossain were accused in all six of the cases. |
Another Unipay2U Director Arrested |
Npros.com | 5/28/2012 May 28, 2012 -- Unipay2U director Khondoker Mukit Al Mahmud was arrested in Bangladesh today and charged with defrauding investors. Mukit claimed innocence, saying that he joined Unipay2U seven months after the government froze the company's bank accounts. The company was ordered to suspend operations in January last year after hundreds of investors accused the company of fraud and demanded their money back.Mukit is the third Unipay2U director to be arrested since the beginning of May. |
Unipay2u Execs Arrested |
Npros.com | 5/6/2012 The managing director and general manager of Unipay2u have been arrested on charges of cheating and embezzlement in Dhaka.Muntasir Hossain Emon and Jamshedur Rahman of Unipay2u Bangladesh were remanded into custody on Sunday for their roles in Unipay2u. According to reports, on several occasions the chairman and managing director withdrew large sums of money from the company accounts under the guise of paying commissions and company expenses, when in fact most the funds were deposited into a personal account of the managing director. The investigation was initiated in 2011. |
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