Source: Npros.com 6/5/2012

Arrest Warrants Issued for 42 UniPay2U Officials

A court in Bangladesh has ordered the arrest of 42 officials of Unipay2U by July 26 on charges of misappropriating funds, including the company's founder and owner, Magandam Gam Gam James.

The arrest warrants were ordered after six plaintiffs filed cases against UniPay2U, alleging that its executives had embezzeled their money while promising to pay them back double the amount within 10 months.

Twelve of UniPay2U's executives, including James, Chairman Sahiduzzaman Sahin, and Managing Director Muntasir Hossain were accused in all six of the cases.

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