HC wants investors' money back from Unipay2U

The High Court (HC) has issued a rule upon the government asking why it should not be directed to arrange to pay back the money of the 22 investors in Unipay2U Bangladesh, a multi-level marketing (MLM) company, reports bdnews24.com.

The bench of justices Mohammad Bazlur Rahman and M Enayetur Rahim issued the rule Tuesday in response to a writ petition filed by the investors.

The finance secretary, the governor and a deputy general manager of Bangladesh Bank and the managing director of Unipay2U have been asked to respond to it within three weeks.

Barrister Mahbub Uddin Khokon and advocate Mohammad Nazmul Huda argued for the petitioners during the hearing.

Twenty-two investors in Chittagong filed the petition on May 13 last year to get back the money that they had invested in Unipay2U.

The government last year initiated moves to control multi-level marketing business on getting allegations that many such companies were cheating the people tempting them of high profit.

The central bank on Jan 9 warned the people against investing in multilevel marketing companies that offer abnormal profits in a short span of time.

It said the investors can be deceived by the companies that come up with schemes offering 10 per cent or more profits a month upon investments in gold markets abroad or foreign exchanges.

The Anti Corruption Commission (ACC) filed cases against several companies and the central bank stopped operation of their accounts.

In March, the commerce minister told parliament there were 62 registered MLM companies operating in the country.

He said the government knew the number of clients of only one of them, Destiny-2000, which is around 4.5 million.

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