Jubok now seeks Tk 1,000cr from govt

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Jubo Karmasangsthan Society, that earned a bad name for its fraudulent business cheating millions and plundering about Tk 3,000 crore, yet attempted to blackmail the government as it sought a bailout programme for its unhindered business activities.
The proposed bailout package of Tk 1,000 crore has been sought by Jubok from finance ministry to clear off the dues the errant company owes to its affected depositors and clients, a top official in the ministry said.
Jubok calls the proposed bailout as ‘stimulus loan’ that would reshape the company’s business outlook and free it from a dented image of defaulting entity if it is made available by the finance ministry, the company said in a letter, a senior finance official said.
The loan was proposed to be made available against the movable and non-movable assets of the errant company. The loan has been sought recently from finance minister AMA Muhith in a written proposal by one of Jubok’s executive directors, Hossain Al-Mamun.
A senior official concerned at the finance ministry cursed the company for its gross irregularities and said, ‘Jubok is more than a dacoit that after cheating millions of common people now trying to blackmail the government.’
He said the government had been maintaining a firm stance to bring the owners and top officials of Jubok to justice and return the plundered money to its affected clients.
Jubok in its letter said they wanted to engage again with their activities through its forty associate companies after paying off the debts of clients with the bailout fund of Tk 1,000 crore.
‘We are committed to clear off the proposed loan by the next three to four years,’ reads the letter.
Meanwhile, finance ministry last week asked law, commerce and home ministries for action against Jubok in line with the recommendations of a government-sponsored commission’s report.
Appointing an administrator for Jubok, bringing amendments to the criminal law, money laundering act and the inquiry act 1956 are some of the major recommendations made in the commission’s final report.
The assets of Jubok, as per the commission report, were found in Dhaka and adjoining areas worth nearly Tk 3,000 crore.
Business licenses of the 17 subsidiaries of Jubok, a multilevel marketing company, should be cancelled by the relevant government authorities, said the commission report.
Jubok’s operations were suspended in 2006 on charges of involvement in illegal banking. Its subsidiaries include interests in housing, telecommunication, real estate development, tourism, health and agriculture.
More than 3 lakh clients of Jubok have been waiting for years now to get back the money they deposited with the fraudster, mainly because of government’s indecision.
None of the affected ones, who were lured by Jubok into depositing their hard earned money for big returns, are yet to get back their money, amounting about Tk 2,588 crore.
Jubok was registered in 1997 under The Societies Registration Act, 1860. It collected huge deposits by luring people with the promise of high interest.
In the letter, Jubok proposed to form a committee comprising representatives from the government and the company itself to sort out genuine affected ones before paying them from the proposed bailout fund.
None of the Jubok executives could be contacted despite making repeated attempts.

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