Bangladesh Bank (BB) has directed all the dealer banks to remain alert against transfer of funds abroad by the owners of Jubo Karmasangsthan Society (Jubok) by selling Jubok assets.

The Foreign Currency Policy Department of BB, through a circular recently, advised the relevant banks to undertake utmost cautionary measures in this regard.

Activities of the controversial NGO, which owes a staggering Tk 23 billion to its clients, were suspended in 2006 on charges of illegal banking practices.

Rafiqul Islam, chairman of a commission formed to facilitate return money to the persons who invested in Jubok, recently said they have been failing to prevent some owners and associates of Jubok from selling properties of the now-defunct company.

The commission currently has no power to stop them, he said, adding that they will be empowered soon to stop such activities and take the assets under commission’s possession.

We are apprehending that the main bank accounts of Jubok are yet to be freezed and the company also has some deposits outside the banking system, Rafiqul said.

He, however, admitted that the commission has not make any remarkable headway in returning the dues of the depositors due to bureaucratic complications, lack of timely cooperation from Bangladesh Bank and manpower shortage.

The Daily Sun/ Bangladesh/ 19th May 2012