Dhaka, March 30 (bdnews24.com) – The central bank may issue a fresh directive to illegal banking outfit Jubok by mid-April after completing investigations into Jubok's claim of returning money to its clients, an official said.
Bangladesh Bank took the stance after Jubok had appealed for deadline shifting several times to enable it to pay back the whole amount of funds mobilised from depositors through illegal banking.
The BB had earlier directed Jubok to repay all its collected funds by March 31.
"Jubok has claimed that it repaid Tk 400 million out of Tk 1 billion it collected from its clients. We will take a decision after field investigations on whether it had paid back the amount or not," a senior central bank official told bdnews24.com Friday, seeking anonymity.
He said they expect to complete a probe into Jubok's statements and field investigations by mid-April.
Jubo Karmasangsthan Society, better known as Jubok, was enlisted as a 'society' under the government's Registrar of Joint Stock Companies, but was found guilty of illegal banking in July last year after a BB investigation.
The BB asked it to repay Tk 1 billion it owed its depositors by December 31.
Jubok later in December sought additional time to pay back the money. Following its appeal, BB asked Jubok to pay back its collected funds by March 31.
Hussain Al Masum set up Jubok in a small room at Dhaka's Aziz Cooperative Market in 1994. Originally, the aim of the organisation was to impart computer training to young men.
The so-called 'society' rose to prominence last year after a string of deals that saw Jubok buying big stakes in a private bank and a television channel and launch of a nationwide private fixed phone company.
The organisation also owns one of the biggest tour operators in the country, a real estate company, a ceramics factory and a big private-run rubber plantation.
Meanwhile, Jubok has applied for licence to the Microcredit Regulatory Authority to operate as a micro-credit institution.
The Jubok chief could not be reached for comment.
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