Cabinet endorses 7-yr jail for unauthorized banking The Cabinet on Monday approved the draft of the “Cooperative Society (Amendment) Act 2012” prohibiting banking without prior permission of Bangladesh Bank with a provision of seven years of jail and a fine of Tk 10 lakh for violating the rule. The cabinet meeting was held at the ... Read more
illegal banking
Gone with greed
It was the lure of high profits that drove Mohiuddin Robin to deposit money with a cooperative society. But it wasn’t long before the 31-year-old was overcome with a sense of despair. Robin found out that the cooperative society was a fraud and all his money was gone. Robin, his family members, relatives and friends ... Read more
Swindlers thrive on missing regulations
Multilevel Marketing Business Swindlers thrive on missing regulations Multilevel marketing (MLM) companies are preying on regulatory and human weaknesses. They are managing funds and doing banking business illegally, but openly. Asset managers, merchant bankers, brokers or portfolio managers who manage others’ wealth are subject to government licence to
Fast bucks, dangerous
Over 3 lakh innocent lured into investment with promise for hefty returns by unipay2u; central bank raises swindling alert If you open an account with $65 (Tk 4,500), you will be allowed to purchase up to 75 grams of gold worth Tk 157,000. Once you deposit the money, the purchase is done. The benefit is ... Read more