Govt asks ex-Destiny chairman, 12 other high-ups involved in misappropriating fund; gives them 120 days
The Department of Cooperatives (DoC) has asked Rafiqul Amin, ex-chairman of Destiny Cooperative, and its 12 management committee members to return in 120 days over Tk 1,400 crore they have misappropriated from the controversial cooperative firm, said DoC officials. The DoC blamed these management committee members of Destiny Multipurpose Cooperative Society Ltd (DMCSL) for huge spending on promotion and loans to nearly two dozen non-profitable entities.
“Rafiqul Amin and 12 other office bearers were given notices last week to return the money in 120 days. Otherwise, action will be taken against them according to law,” Iqbal Hossain, additional registrar of the DoC, told The Daily Star yesterday.
If they fail to return the money, they might face lawsuits that could lead to their imprisonment for three years or fine, or both and confiscation of their assets.
The DoC took nearly a year to investigate and assess the liabilities of the 13 DMCSL high-ups, who ran the controversial cooperative firm till the first quarter of last year.
Rafiqul misappropriated nearly Tk 130 crore while ex-vice president Gofranul Haque and ex-treasurer Akbar Hossain Sumon embezzled over Tk 100 crore each, according to the DoC findings.
Meanwhile, nearly six lakh DMCSL members and shareholders remain in great uncertainty about getting back their money from the cooperative. They haven’t got any dividends in the last two years. Though many members are willing to sell their share, they have failed to do so.
“I was told that I would be able to sell my shares anytime I wished. But in reality, I could not sell my shares despite repeated efforts,” said a DMCSL member, who invested Tk 8.40 lakh in the cooperative in two equal instalments in 2008 and 2009.
The DMCSL member, who works as a physician at an international NGO in Bangladesh, said one of his former colleagues convinced him and several others to make the investments. Now, they are doubtful whether they will get back their principal amount, let alone dividends.
“When I paid them [Destiny Cooperative] Tk 4.20 lakh under a package, they gave me Tk 52,000 as benefit of network expansion. I was inspired and invested another Tk 4.20 lakh the following year. DMCSL then gave me Tk 53,000 as benefit,” said the doctor.
Many of the DMCSL members have expressed disappointment over lack of initiative from the government agency concerned to help them get back their money.
“Shareholders have to claim their money from the DMCSL’s present committee [ad hoc]. If the committee fails to pay back, they can inform us,” said Iqbal Hossain of the DoC.
Source: The Daily Star
