Quatloos!

UniPay2U provides both gold and gold storage in what they call a professional bullion vault. Individuals who use the service have their purchases stored by Via Mat in Switzerland, United Kingdom, or the United States. The service also allows users to buy, trade and sell with other members via UniPay2U's order board.

According to reports, on several occasions the chairman and managing director withdrew large sums of money from the company accounts under the guise of paying commissions and company expenses, when in fact most the funds were deposited into a personal account of the managing director.

The Anti-Corruption Commission yesterday filed a case against the chairman and the managing director of unipay2u Bangladesh, a so-called multilevel marketing company, for amassing money by cheating people.

JamesVincent wrote:Next, what the company actually did and what makes them apparently a MLM.

http://www.npros.com/2012/5/6/unipay2u-execs-arrested/

According to reports, on several occasions the chairman and managing director withdrew large sums of money from the company accounts under the guise of paying commissions and company expenses, when in fact most the funds were deposited into a personal account of the managing director.

Kestrel wrote: That doesn't make it an MLM. Pyramid chain recruiting with tiered commissions favoring the tippy-top would make it an MLM.

Withdrawing and keeping the money under false pretenses makes it an embezzlement fraud.

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