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Defaulted cooperative banks still operational

  • Published at 05:08 am June 14th, 2013
Defaulted cooperative banks still operational

Two savings and credit cooperatives are still operating their businesses in Shalikha upazila, Magura, violating government order.

The two companies, Maxim and Rack, are now running their activities under the names Meghna Shanchoy and Rindan Shamity, and Sunrise Shanchoy and Rindan Shamity.

To dodge the government as well as their clients, the companies have obtained licences from the cooperative office under the name of Meghna and Sunrise.

The companies are receiving money from their clients as fixed deposits, though they have no approval from Bangladesh Bank or the cooperative office to do so.

People in the upazila have deposited at least Tk20m with the two organisations.

Depositors fear the two so-called savings and credit cooperatives might close down their business at any time, and its clients would lose all their money.

Harunor Rashid, a trader at Arpara market in the upazila, said: “I have deposited more than Tk100,000 at Maxim. Though I applied to withdraw my money four months ago, the authorities are showing reluctance to give my money back.”

Clients of the company demanded that local administration take immediate steps to recover their money.

Faruk Hosain, manager of Maxim, claimed they have permission from the relevant authorities to run banking transactions.

Zakir Hosain, manager of Rack, echoed the same, saying they are operating their business following government rules and regulations.

Asked about the two cooperatives, Binod Chandro Biswas, Shalikha upazila cooperative officer, said: “We have asked the two companies to stop their activities.”

Shalikha Upazila Nirbahi Officer Nazmunnahar said: “I shall investigate the matter and take the necessary steps.”